In‐band full‐duplex (IBFD) operation, a node simultaneously transmits and receives data using a single channel, is an approach that offers great potential to improve spectral efficiency. One of the major difficulties in implementing IBFD systems is self‐interference (SI), which is produced when its own transmitted signal affects the received signal. This article first reviews the basic concepts of IBFD transmission and SI cancellation (SIC) schemes. With the aid of recent progress in SIC, it is shown the SI between the transmitter and receiver on a common channel can be reduced to the noise level, which makes data decoding feasible in IBFD transmission. Accordingly, the effects of IBFD transmission on system performance in various networks are discussed. Furthermore, this chapter also provides the research challenges and opportunities associated with the design and analysis of IBFD systems. Finally, we conclude this chapter by addressing the advantages of IBFD transmission when exploited for different purposes such as non‐orthogonal multiple access, cognitive radios, network secrecy, and wireless power transfer.