This paper critically reviews the urban systems literature adopting graph‐theoretical conceptions of 'network analysis'. A network‐analytical approach allows specifying and measuring how cities interact, the importance and roles of cities in these interactions, and some of the key characteristics of the urban system as a whole. Throughout the paper, the focus is on ‘world city network’ research. After an overview of how network analysis first entered this literature and subsequently developed into a vibrant research agenda, the paper clarifies the use of network analysis by comparing two different network approaches. This is then used to discuss the potential and challenges/pitfalls associated with the use of network analysis, respectively. It is argued that the combination of careful abstraction and the methodological opportunities offered by network analysis offers geographers a powerful methodological toolkit. At the same time, a permanent appraisal of the real versus the alleged potential of network analysis is needed.