Recent progress in research on thermally carbonized porous silicon (TCPSi) and its applications is reported. Despite a slow start, thermal carbonization has now started to gain interest mainly due to new emerging areas for applications. These new areas, such as optical sensing, drug delivery, and energy storage, require stable surface chemistry and physical properties. TCPSi is known to have all of these desired properties. Herein, the above‐listed properties of TCPSi are summarized, and the carbonization processes, functionalization, and characterization of TCPSi are reviewed. Moreover, some of the emerging fields of TCPSi applications are discussed and recent advances in the fields are introduced.