This chapter overviews a three‐field formulation of nonlinear aeroelastic problems, where the fluid is modeled by the arbitrary Lagrangian–Eulerian (ALE) form of either the Euler or Navier–Stokes equations; the structure is represented by a detailed finite element model, and the fluid‐mesh is unstructured, dynamic, and constructed by a robust structure‐analogy–based method. It also discusses recent advances in the computational algorithms associated with this approach for modeling nonlinear fluid/structure interaction problems. These include CFD schemes that are formally second‐order time‐accurate on moving grids, energy‐transfer–conserving methods for discretizing transmission conditions across nonmatching fluid and structure discrete interfaces, and state‐of‐the‐art loosely coupled algorithms for solving efficiently coupled systems of fluid and structural equations arising from the discretization of real aircraft configurations. A taste of the capabilities of such algorithms is provided by reporting on their validation for an F‐16 fighter aircraft configuration in various subsonic, transonic, and supersonic airstreams, and at various load factors. The chapter concludes with a discussion of the feasibility and merit of the overviewed computational technology for accurately extracting the flutter envelopes of civilian and military aircraft, and a perspective on future research in CFD‐based nonlinear computational aeroelasticity.