Stimuli–responsive mechanoadaptive materials, capable of reversibly changing their mechanical properties when exposed to an external stimulus, are the next generation of smart materials with immense transformative potential for various technological applications. Although the concept of adaptive mechanical properties has been proven for some materials, it remains very challenging for soft elastomeric materials. The aim of this review is to provide new ideas and strategies for the development of mechanoadaptive elastomeric composites using commercial rubber as the matrix polymer. The fundamental question addressed here is as follows: How do the phase-responsive functional fillers alter the mechanical properties? For a given physical network environment, what is the mechanism that gives rise to the stimuli–responsive properties of the resulting composites? Herein, the preparation, structure, and properties of recently developed mechanoadaptive elastomeric materials are summarized. Furthermore, based on their structure–property relationships, plausible applications of these smart materials in various technology-specific applications such as soft robotics, actuators, sensors, smart tires, automotive design, aerospace, etc. are demonstrated with representative examples. Finally, the article critically discusses the existing challenges in the field of mechanoadaptive elastomers in order to provide valuable insights in this area.