This overview presents the recent progress in our understanding of gas transfer by the lungs during the respiratory cycle and during breath holding. Different phenomena intervene in gas transfer, convection and diffusion in the gas, dissolution, diffusion across the alveolar-capillary membrane, diffusion across blood plasma, and finally diffusion and reaction with hemoglobin inside blood cells. The different gases, O 2 , CO, and NO, have very different reaction times with hemoglobin ranging from a few microseconds to tens of milliseconds. This is leading to different outcomes.For O 2 , the solutions to the coupled nonlinear gas and blood equations are obtained at the acinus level. They include the fact that the acinar internal ventilation is strongly heterogeneous due to the arborescent structure. Also, in the dynamic calculation, one takes care of the delay between the start of inhalation and arrival of fresh air in the acinus. This "dead" time is the dynamic equivalent of the dead space ventilation.The question of the dependence of Vo 2 on ventilation and perfusion takes a different form. The results show that Vo 2 is not only a function of the ventilation/perfusion ratio but also depends on the variables: acinar ventilation VE ac and perfusion Q ac . The ratio VE ac /Q ac roughly determines arterial O 2 saturation and arterial and alveolar O 2 partial pressure.The classic Roughton-Forster interpretation of DLCO (separation between independent membrane and blood resistance) was a mathematical conjecture. It was shown recently that this conjecture was violated. This article presents an alternative interpretation that uses time concepts instead of resistance.