“Paper” has greatly contributed to the development and spread of civilization. Even in today’s “digitalized” world, paper continues to play a key role in socioeconomic growth, as is evidenced by the growth in global paper consumption. Unfortunately, the use of paper has its cost in terms of the exhaustion of world’s natural resources. Consequently, new, cost-effective technologies that preserve natural resources are required for this purpose. Functional materials have revolutionized the way people think about developing new technologies. Especially important in this regard are “smart reactive materials,” which are capable of actively responding to external stimuli such as heat, light, mechanical stress, and specific molecular orientations. Moreover, functionalized chromogenic materials, which undergo reversible color switching upon external stimulation, have attracted great attention in the context of developing rewritable paper. Here, investigations of various materials and systems that are devised for use as rewritable paper are reviewed with the hope that the coverage will stimulate and guide future studies in this area.