The chemistry of plasma–liquid interactions involves a complex interplay of physical and chemical processes at the plasma–liquid interface. These interactions give rise to the generation, transport, and transformation of various reactive species. Since the publication of the Lorenz Roadmap in 2016, significant progress has been made in understanding the interfacial transport and coupled reactions of plasma‐generated species with inorganic and organic compounds. However, critical aspects of plasma–liquid chemistry and mass transfer still require further investigation. This review summarizes recent work on processes at the plasma–liquid interface and the coupled reactions in the liquid phase. We highlight key findings related to the involvement of O atoms, H radicals, solvated electrons, photons, and nitrogen‐derived species at the interface and within the bulk liquid.