The integration of membrane separation processes with chemical reactions through oxygen transport dual‐functional membrane reactors has attracted significant attention due to the potential for process intensification, which also can create a synergy between the two units. This approach holds promise for promoting green chemistry principles by reducing energy consumption and environmental pollution. Despite its potential, a comprehensive review of recent advancements exploring the full potential of oxygen transport dual‐functional membrane reactors (coupling two distinct reactions) in enhancing membrane performance is currently lacking. To address this gap, this perspective article presents various concepts and principles of oxygen transport dual‐functional membrane reactors and provides an overview of recent advances and applications. Additionally, the challenges and opportunities for future research to enhance the efficiency of the process toward industrialization are discussed and highlighted. These include developing novel oxygen transport membrane materials, optimizing membrane engineering, innovating membrane reactor design, and exploring new applications and reaction mechanisms.