The development of the femtosecond laser (fs laser) with its ability to provide extremely rapid athermal ablation of materials has initiated a renaissance in materials science. Sample milling rates for the fs laser are orders of magnitude greater than that of traditional focused ion beam (FIB) sources currently used. In combination with minimal surface post-processing requirements, this technology is proving to be a game changer for materials research. The development of a femtosecond laser attached to a focused ion beam scanning electron microscope (LaserFIB) enables numerous new capabilities, including access to deeply buried structures as well as the production of extremely large trenches, cross sections, pillars and TEM H-bars, all while preserving microstructure and avoiding or reducing FIB polishing. Several high impact applications are now possible due to this technology in the fields of crystallography, electronics, mechanical engineering, battery research and materials sample preparation. This review article summarizes the current opportunities for this new technology focusing on the materials science megatrends of engineering materials, energy materials and electronics.