Abstract Over the past 70 years, the semiconductor industry has undergone transformative changes, largely driven by the miniaturization of devices and the integration of innovative structures and materials. Two-dimensional (2D) materials like transition metal dichalcogenides (TMDs) and graphene are pivotal in overcoming the limitations of silicon-based technologies, offering innovative approaches in transistor design and functionality, enabling atomic-thin channel transistors and monolithic 3D integration. We review the important progress in the application of 2D materials in future information technology, focusing in particular on microelectronics and optoelectronics. We comprehensively summarize the key advancements across material production, characterization metrology, electronic devices, optoelectronic devices, and heterogeneous integration on silicon. A strategic roadmap and key challenges for the transition of 2D materials from basic research to industrial development are outlined. To facilitate such a transition, key technologies and tools dedicated to 2D materials must be developed to meet industrial standards, and the employment of AI in material growth, characterizations, and circuit design will be essential. It is time for academia to actively engage with industry to drive the next 10 years of 2D material research.