AbstractAs a skeleton component of plants, lignin is an organic macromolecule polymer that can be regenerated and naturally degraded. Annually, plant growth produces about 150 billion tons of lignin. In industrial processes such as paper and biomass‐refining industry, large amounts of lignin are formed as by‐products. Most of technical lignins are directly combusted to obtain heat, which not only is a waste of organic matter but also leads to environmental pollution and other issues. Interestingly, lignin can be used as slow‐release carriers and coating materials for fertilizers due to its excellent slow release properties as well as chelating and other functionalities. Preparation of lignin‐based slow/controlled release fertilizers can be achieved by sustainable chemical (ammoxidation, Mannich reaction, and other chemical modifications), coating (without or with chemical modification), and chelation modifications. This Review systematically summarizes the methods, mechanisms, and application of the above methods for preparing lignin‐based slow/controlled release fertilizers. Although the evaluation standards and methods of lignin‐based slow/controlled release fertilizers are not perfect, it is believed that more and more scholars will pay more attention to them to accelerate the development and application of lignin‐based slow/controlled release fertilizers, so as to improve their relevant standards. In short, there is an urgent need to improve the preparation process of lignin‐based slow/controlled release fertilizers and application as lignin‐based slow/controlled release fertilizers to production practice as soon as possible.