Since its discovery in the early 1970s, the crucial role of the Madden‐Julian Oscillation (MJO) in the global hydrological cycle and its tremendous influence on high‐impact climate and weather extremes have been well recognized. The MJO also serves as a primary source of predictability for global Earth system variability on subseasonal time scales. The MJO remains poorly represented in our state‐of‐the‐art climate and weather forecasting models, however. Moreover, despite the advances made in recent decades, theories for the MJO still disagree at a fundamental level. The problems of understanding and modeling the MJO have attracted significant interest from the research community. As a part of the AGU's Centennial collection, this article provides a review of recent progress, particularly over the last decade, in observational, modeling, and theoretical study of the MJO. A brief outlook for near‐future MJO research directions is also provided.