Lithium‐air (Li‐air) batteries have become attractive because of their extremely high theoretical energy density. However, conventional Li‐air cells operating with non‐aqueous electrolytes suffer from poor cycle life and low practical energy density due to the clogging of the porous air cathode by insoluble discharge products, contamination of the organic electrolyte and lithium metal anode by moist air, and decomposition of the electrolyte during cycling. These difficulties may be overcome by adopting a cell configuration that consists of a lithium‐metal anode protected from air by a Li+‐ion solid electrolyte and an air electrode in an aqueous catholyte. In this type of configuration, a Li+‐ion conducting “buffer” layer between the lithium‐metal anode and the solid electrolyte is often necessary due to the instability of many solid electrolytes in contact with lithium metal. Based on the type of buffer layer, two different battery configurations are possible: “hybrid” Li‐air batteries and “aqueous” Li‐air batteries. The hybrid and aqueous Li‐air batteries utilize the same battery chemistry and face similar challenges that limit the cell performance. Here, an overview of recent developments in hybrid and aqueous Li‐air batteries is provided and the factors that influence their performance and impede their practical applications, followed by future directions are discussed.