Conventional polymer materials commonly encounter an intrinsic trade-off between rigidity and toughness, along with the limitation of functional simplicity. Inspired by natural biomaterials, the sacrificial bond strategy—introducing dynamic bonds capable of reversible rupture as energy dissipation units—has emerged as a pivotal approach to overcome this challenge and enable the development of advanced polymer materials. This review systematically examines the construction strategies and toughening mechanisms of various sacrificial bonds in polymers, including covalent bonds, hydrogen bonds, coordination bonds, and ionic bonds. It also summarizes recent advances in their applications within hydrogels, elastomers, epoxy resins, and composite materials. Furthermore, the article explores the significant potential of sacrificial bonds in integrating multifunctional properties, such as flame retardancy, antibacterial activity, thermal conductivity, and intelligent responsiveness. Finally, current challenges and limitations in the field are discussed, and future research directions are proposed.