Cyclin‐dependent kinase 11 (CDK11) is a multifunctional serine/threonine protein kinase that plays a pivotal role in transcription and pre‐mRNA splicing. It phosphorylates serine 2 of RNA polymerase II C‐terminal domain, thereby promoting transcriptional elongation and 3′‐end processing of replication‐dependent histone genes. CDK11 also contributes to proper chromosome segregation during mitosis. As a key regulator of global pre‐mRNA splicing, CDK11 activates the spliceosome, by phosphorylating Splicing Factor 3B Subunit 1, a core component of the U2 small nuclear ribonucleoprotein complex. Given the tight coupling between splicing, transcription, and cell proliferation, inhibition of CDK11 is hypothesized to impair both general transcription and cell cycle progression. CDK11 drives cancer cell proliferation, promotes HIV‐1 mRNA 3′‐end processing to enhance viral replication, and contributes to tau phosphorylation in Alzheimer's disease. Owing to itscentral role in key cellular processes and its dysregulation in various diseases, CDK11 has emerged as a compelling therapeutic target. This review provides a comprehensive overview of the biological functions and regulatory mechanisms of CDK11, discusses its role in cancer, viral, and neurodegenerative diseases, and highlights advances in the discovery and development of CDK11 inhibitors, including OTS964, which has expanded our understanding of the biological functions of CDK11 and its prospects as a cancer‐specific vulnerability.