Time‐of‐flight mass spectrometry (TOFMS) is one of the simplest and most powerful approaches for mass spectrometry. Realization of the advantages inherent in TOFMS requires innovation in the theory and practice of the technique. Instrumental developments, in turn, create new capabilities that enable applications in chemical measurement. This review focuses on the recent advances in TOFMS instrumentation. New strategies for ion acceleration, multiplexed detection, miniaturized TOFMS instruments, approaches to extend the length of ion flight, and novel ion detection technologies are reviewed. Techniques that change the basic paradigm of TOFMS by measuring m/z based on ion flight distance are considered, as are applications at the frontiers of instrumental performance. © 2020 John Wiley & Sons Ltd. Mass Spec Rev