Physical literacy has become a focus in school physical education and youth sports programs. Despite the global attention, physical literacy remains an elusive concept in regards to its definition, assessment, and interventions. In this article, we review the existing scholarship on physical literacy definitions, assessments, and interventions. We first present the historic evolution of physical literacy and the various definitions, followed by a synthesis of its underlying components. We next summarize the current physical literacy assessments along with a commentary on the challenges to accurately and feasibly assess the concept. Following this we describe the characteristics and efficacy of the existing physical literacy-related interventions in children and adolescents. The article concludes with an interpretive discussion of the findings to stimulate future efforts of research, practice, and policy for fostering physically literate individuals.