Atomic layer deposition (ALD) is a gas-phase deposition technique that, by relying on self-terminating surface chemistry, enables the control of the amount of deposited material down to the atomic level. While mostly used in semiconductor technology for the deposition of ceramic oxides and nitrides on wafers, ALD lends itself to the deposition of a wealth of materials on virtually every substrate. In particular, ALD and its organic counterpart molecular layer deposition (MLD), have opened up attractive avenues for the synthesis of novel nanostructured materials. However, as most ALD processes were developed and optimized for semiconductor technology, these might not be optimal for applications in fields such as catalysis, energy storage, and health. For this reason, novel applications for ALD often require new surface chemistries, process conditions, and reactor types. As a result, recent developments in ALD technology have marked a considerable departure from the standard set by well-established ALD processes. The aim of this review is twofold: firstly, to capture the recent departure of ALD from its original development; and secondly, to pinpoint the unexplored paths through which ALD can advance further in terms of synthesis of novel materials. To that end, we provide a review of the recent developments of ALD and MLD of materials that are gaining increasing attention on various substrates, with particular emphasis on high-surface-area substrates. Furthermore, we present a critical review of the effects of the process conditions, namely, temperature, pressure, and time on ALD growth. Finally, we also give a brief overview of the recent advances in ALD reactors and energy-enhanced ALD processes.