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The world has recently experienced one of the biggest and most severe public health disasters with severe acute respiratory syndrome coronavirus (SARS‐CoV‐2). SARS‐CoV‐2 is responsible for the coronavirus disease of 2019 (COVID‐19) which is one of the most widespread and powerful infections affecting human lungs. Current figures show that the epidemic had reached 216 nations, where it had killed about 6,438,926 individuals and infected 590,405,710. WHO proclaimed the outbreak of the Ebola virus disease (EVD), in 2014 that killed hundreds of people in West Africa. The development of vaccines for SARS‐CoV‐2 becomes more difficult due to the viral mutation in its non‐structural proteins (NSPs) especially NSP2 and NSP3, S protein, and RNA‐dependent RNA polymerase (RdRp). Continuous monitoring of SARS‐CoV‐2, dynamics of the genomic sequence, and spike protein mutations are very important for the successful development of vaccines with good efficacy. Hence, the vaccine development for SARS‐CoV‐2 faces specific challenges starting from viral mutation. The requirement of long‐term immunity development, safety, efficacy, stability, vaccine allocation, distribution, and finally, its cost is discussed in detail. Currently, 169 vaccines are in the clinical development stage, while 198 vaccines are in the preclinical development stage. The majority of these vaccines belong to the Ps—Protein subunit type which has 54, and the minor BacAg‐SPV (Bacterial antigen‐spore expression vector) type, at least 1 vaccination. The use of computational methods and models for vaccine development has revolutionized the traditional methods of vaccine development. Further, this updated review highlights the upcoming vaccine development strategies in response to the current pandemic and post‐pandemic era, in the field of vaccine development. [ABSTRACT FROM AUTHOR]