As Si has faced physical limits on further scaling down, novel semiconducting materials such as 2D transition metal dichalcogenides and oxide semiconductors (OSs) have gained tremendous attention to continue the ever‐demanding downscaling represented by Moore's law. Among them, OS is considered to be the most promising alternative material because it has intriguing features such as modest mobility, extremely low off‐current, great uniformity, and low‐temperature processibility with conventional complementary‐metal–oxide–semiconductor‐compatible methods. In practice, OS has successfully replaced hydrogenated amorphous Si in high‐end liquid crystal display devices and has now become a standard backplane electronic for organic light‐emitting diode displays despite the short time since their invention in 2004. For OS to be implemented in next‐generation electronics such as back‐end‐of‐line transistor applications in monolithic 3D integration beyond the display applications, however, there is still much room for further study, such as high mobility, immune short‐channel effects, low electrical contact properties, etc. This study reviews the brief history of OS and recent progress in device applications from a material science and device physics point of view. Simultaneously, remaining challenges and opportunities in OS for use in next‐generation electronics are discussed.