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The development of soft electronics and soft fiber devices has significantly advanced flexible and wearable technology. However, they still face the risk of damage when exposed to sharp objects in real‐life applications. Taking inspiration from nature, self‐healable materials that can restore their physical properties after external damage offer a solution to this problem. Nevertheless, large‐scale production of self‐healable fibers is currently constrained. To address this limitation, this study leverages the thermal drawing technique to create elastic and stretchable self‐healable thermoplastic polyurethane (STPU) fibers, enabling cost‐effective mass production of such functional fibers. Furthermore, despite substantial research into the mechanisms of self‐healable materials, quantifying their healing speed and time poses a persistent challenge. Thus, transmission spectra are employed as a monitoring tool to observe the real‐time self‐healing process, facilitating an in‐depth investigation into the healing kinetics and efficiency. The versatility of the fabricated self‐healable fiber extends to its ability to be doped with a wide range of functional materials, including dye molecules and magnetic microparticles, which enables modular assembly to develop distributed strain sensors and soft actuators. These achievements highlight the potential applications of self‐healable fibers that seamlessly integrate with daily lives and open up new possibilities in various industries. [ABSTRACT FROM AUTHOR]