ABSTRACT This paper reviews the current state of the art in high‐speed (HS) and ultrahigh‐speed (UHS) digital image correlation (DIC) techniques, emphasizing their critical role in experimental research across various scientific domains. HS and UHS DIC have evolved significantly, driven by advancements in camera systems, image processing algorithms and experimental methodologies. These developments have opened new avenues for capturing and analysing dynamic events with unprecedented temporal and spatial detail, but not without introducing challenges such as optical distortions, motion blur and lighting issues that can affect measurement quality. This review advocates for standardized reporting practices in HS/UHS DIC methodologies to improve reproducibility and reliability across studies, drawing on guidelines from the International Digital Image Correlation Society (iDICs). Through a comprehensive analysis of over 150 articles, this review identifies key advancements in imaging technology and their application in six research domains: material characterization, test development, fracture mechanics, model validation, ballistic and explosive phenomena assessment and measurement uncertainties. Distinctions between two‐dimensional (2D) and stereo‐DIC applications are explored, offering insights into their practical implementation and trade‐offs. Good practices for HS/UHS DIC applications are proposed along with suggestions for future directions for this evolving field, highlighting the indispensable role of technological innovation in expanding the capabilities of optical metrology.