AbstractOver the past two decades, precision medicine has advanced diagnostics and treatment of allergic diseases. Component‐resolved analysis of allergen sensitization facilitates stratification of patients. Furthermore, new formulations of allergen immunotherapy (AIT) products can more effectively deliver the relevant components. Molecular insights from the identification of allergen component sensitization and clinical outcomes of treatment with new AIT formulations can now be utilized for a deeper understanding of the nature of the pathogenic immune response in allergy and how this can be corrected by AIT. Fundamental in these processes are the allergen‐specific B and T cells. Within the large B‐ and T‐cell compartments, only those that specifically recognize the allergen with their immunoglobulin (Ig) or T‐cell receptor (TCR), respectively, are of clinical relevance. With peripheral blood allergen‐specific B‐ and T‐cell frequencies below 1%, bulk cell analysis is typically insufficiently sensitive. We here review the latest technologies to detect allergen‐specific B and T cells, as well as new developments in utilizing these tools for diagnostics and therapy monitoring to advance precision medicine for allergic diseases.