The use of fiber‐optic sensing systems in seismology has exploded in the past decade. Despite an ever‐growing library of ground‐breaking studies, questions remain about the potential of fiber‐optic sensing technologies as tools for advancing if not revolutionizing earthquake‐hazards‐related research, monitoring, and early warning systems. A working group convened to explore these topics; we comprehensively examined the application of fiber optics in various aspects of earthquake hazards, encompassing earthquake source processes, crustal imaging, data archiving, and technological challenges. There is great potential for fiber‐optic systems to advance earthquake monitoring and understanding, but to fully unlock their capabilities requires continued progress in key areas of research and development, including instrument testing and validation, increased dynamic range for applications focused on larger earthquakes, and continued improvement in subsurface and source imaging methods. A key current stumbling block results from the lack of clear data archiving requirements, and we propose an initial strategy that balances data volume requirements with preserving key data for a broad range of future studies. In addition, we demonstrate the potential for fiber‐optic sensing to impact monitoring efforts by documenting the data completeness in a number of long‐term experiments. Finally, we outline the features of a instrument testing facility that would enable progress toward reliable and standardized distributed acoustic sensing data. Overcoming these current obstacles would facilitate progress in fiber‐optic sensing and unlock its potential application to a broad range of earthquake hazard problems.