Fundamentals of transition‐metal‐catalyzed atom transfer radical polymerization (ATRP) and mechanistically similar atom transfer radical addition (ATRA) are discussed. Both processes utilize transition‐metal complexes as halogen atom transfer agents. ATRP enables the synthesis of polymeric materials with well‐controlled molecular weight, molecular weight distribution, composition, molecular architecture, and chain‐end functionality. ATRA, on the other hand, is particularly suitable for the synthesis of small and highly functional organic molecules. Basic phenomenology, components (alkyl halide, monomer, solvent, and catalyst), as well as current and forthcoming applications are reviewed.