Flooding is a frequently encountered abiotic stress that is extremely detrimental to plant growth and development, metabolism, function, and yield. Water severely restricts gas exchange impeding photosynthesis and respiration, and ultimately leads to an energy crisis that can prove fatal. Most land plants are extremely sensitive to prolonged waterlogging and submergence. However, some plant species are at home in frequently flooded environments. This is linked to a set of adaptive traits and metabolic adjustments that confer the ability to either avoid or cope with flooding‐induced oxygen deprivation. Here, we outline the current knowledge on these morphological, anatomical, and metabolic tolerance traits, and how they facilitate flooding survival. Furthermore, we elaborate on the molecular processes and signalling mechanisms that regulate some of these traits. A better understanding of these tolerance attributes is essential in the quest towards the generation of climate resilient crops in an era of global warming and increased food demand.