This article comprehensively reviews and studies CMOS transformer tank voltage‐controlled oscillators (VCOs) designed to improve the frequency tuning range (FTR) and minimize phase noise (PN) across a broad frequency range, particularly for mm‐wave and fifth‐generation applications. The study focuses on enhancing the performance of the oscillators to meet the demanding requirements of these advanced applications. This study thoroughly investigates and compares various strategies to increase the FTR, minimize PN, and reduce power dissipation in transformer tank VCOs. The aim is to establish fundamental guidelines for implementing transformer‐based tank VCOs. The study comprehensively reviews and analyzes the overall architecture of transformer‐based tank VCOs, presenting a detailed examination of the methods employed to enhance VCO performance. Additionally, the study illustrates the impact of the coupling factor on the VCO's performance parameters, detailing and demonstrating the overall tank circuit quality factor (Q) and resonator coupling factor (κ). A thorough understanding of PN methodology and the limitations of FTR has led to the development of innovative architectures. These include transformer‐based capacitive feedback (FB) oscillators with resistively adjusted variable inductors, as well as class‐F and inverse class‐F VCOs. These novel architectures contribute significantly to the improvement of oscillator performance.