Hemorrhages, disease‐ or genetics‐caused anemic conditions, and ischemic events prevent an adequate supply of oxygen to peripheral tissues. The most common therapy for these conditions is transfusion with whole blood from healthy donors. However, blood transfusions may suffer from side effects, potential shortages in donor availability, limited time storage, and applicability only within hospitals. Moreover, in cases such as immunoreactivity against all blood types, hypo‐oxygenation pathologies in preterm infants and refusal of transfusions on religious grounds, a blood substitute might be the only therapeutic option. In the past 30 years, several approaches have been pursued for the development of blood substitutes, based either on compounds capable to allosterically modulate the oxygen binding properties of endogenous hemoglobin or on artificial oxygen carriers directly administered in the blood stream. The latter are represented by oxygen‐solubilizing perfluorocarbons, chemically or genetically modified hemoglobins and artificial erythrocytes. Their successful development as safe alternatives to blood transfusions has been so far hampered by an incomplete understanding of the complex mechanisms controlling oxygen and NO homeostasis and hemodynamics. However, the knowledge accumulated in the past years brings hope for the development in the near future of effective and safe blood substitutes.