During the past decade, Gallium Oxide (Ga2O3) has attracted intensive research interest as an ultra-wide-bandgap (UWBG) semiconductor due to its unique characteristics, such as a large bandgap of 4.5–4.9 eV, a high critical electric field of ~8 MV/cm, and a high Baliga’s figure of merit (BFOM). Unipolar β-Ga2O3 devices such as Schottky barrier diodes (SBDs) and field-effect transistors (FETs) have been demonstrated. Recently, there has been growing attention toward developing β-Ga2O3-based heterostructures and heterojunctions, which is mainly driven by the lack of p-type doping and the exploration of multidimensional device architectures to enhance power electronics’ performance. This paper will review the most recent advances in β-Ga2O3 heterostructures and heterojunctions for power electronics, including NiOx/β-Ga2O3, β-(AlxGa1−x)2O3/β-Ga2O3, and β-Ga2O3 heterojunctions/heterostructures with other wide- and ultra-wide-bandgap materials and the integration of two-dimensional (2D) materials with β-Ga2O3. Discussions of the deposition, fabrication, and operating principles of these heterostructures and heterojunctions and the associated device performance will be provided. This comprehensive review will serve as a critical reference for researchers engaged in materials science, wide- and ultra-wide-bandgap semiconductors, and power electronics and benefits the future study and development of β-Ga2O3-based heterostructures and heterojunctions and associated power electronics.