LAUSR

The discovery of quaternary (M′2/3M′′1/3)2AX phases has introduced newly ordered i‐MAX phases in the MAX phase community. These atomically layered solids display in‐plane chemical ordering of M′ and M′′, featuring a frustrated triangular lattice overlaid on an M′ honeycomb arrangement and an A Kagomé lattice. This unique structure gives rise to novel electronic and magnetic properties, paving the way for diverse applications and the creation of new MXenes. Both experimental and theoretical research have confirmed that these i‐MAX phases can be chemically exfoliated into single‐ or multilayered and vacancy‐ordered 2D transition metal carbides, known as i‐MXenes. These 2D i‐MXenes exhibit intriguing optical, electrochemical, piezoelectric, and magnetic properties, which are decidedly reliant on the surface functional groups (‐F, ‐OH, ‐O). This review encompasses all available theoretical and experimental studies on i‐MAX and i‐MXenes, with a focus on their fundamental properties, organized in multiple sections. Along with the experimental investigation, significant attention is also directed toward theoretical predictions of potential i‐MAX phases and i‐MXenes, including their structural, vibrational, electronic, optical, magnetic, mechanical, piezoelectric, and electrochemical properties. This article provides a comprehensive understanding of vital properties of these materials by providing a review of foundational literature with existing challenges, limitations, and future perspectives.