As the minimum feature size of integrated circuit elements has shrunk below 7 nm, chemical mechanical planarization (CMP) technology has grown by leaps and bounds over the past several decades. There has been a growing interest in understanding the fundamental science and technology of CMP, which has continued to lag behind advances in technology. This review paper provides a comprehensive overview of various chemical and mechanical phenomena such as contact mechanics, lubrication models, chemical reaction that occur between slurry components and films being polished, electrochemical reactions, adsorption behavior and mechanism, temperature effects, and the complex interactions occurring at the wafer interface during polishing. It also provides important insights into new strategies and novel concepts for next‐generation CMP slurries. Finally, the challenges and future research directions related to the chemical and mechanical process and slurry chemistry are highlighted.