As a noncontact strategy with flexible tools and high efficiency, laser precision engineering is a significant advanced processing way for high-quality micro-/nanostructure fabrication, especially to achieve novel functional photoelectric structures and devices. For the microscale creation, several femtosecond laser fabrication methods, including multiphoton absorption, laser-induced plasma-assisted ablation, and incubation effect have been developed. Meanwhile, the femtosecond laser can be combined with microlens arrays and interference lithography techniques to achieve the structures in submicron scales. Down to nanoscale feature sizes, advanced processing strategies, such as near-field scanning optical microscope, atomic force microscope, and microsphere, are applied in femtosecond laser processing and the minimum nanostructure creation has been pushed down to ~25 nm due to near-field effect. The most fascinating femtosecond laser precision engineering is the possibility of large-area, high-throughput, and far-field nanofabrication. In combination with special strategies, including dual femtosecond laser beam irradiation, ~15 nm nanostructuring can be achieved directly on silicon surfaces in far field and in ambient air. The challenges and perspectives in the femtosecond laser precision engineering are also discussed.