Oxygen electrochemistry is an enabling principle for many energy conversion and storage technologies that are being developed to tackle energy and environmental issues. The reversibility of oxygen electrochemistry determines the performance and lifetime of these technologies, notably aprotic lithium−oxygen batteries (LOBs). Unfortunately, reactive oxygen species (i.e., O 2 − , LiO 2 , Li 2 O 2 , and 1 O 2 ) and resultant parasitic reactions result in poor reversibility of LOBs. Understanding and harnessing these reactive oxygen species are important and recently topical. In this Mini-Review Article, we summarize current understandings of the formation and transformation of these reactive oxygen species and point out knowledge gaps to be filled in the future. We also discuss parasitic reactions and controversial issues derived from different reactive oxygen species. Recent advances in improving the reversibility of aprotic LOBs are reviewed, and mechanisms underpinning these strategies are presented. Finally, we offer our perspectives on transferring fundamental understandings of oxygen electrochemistry to pragmatic improvements of LOBs.