Atom transfer radical polymerization (ATRP) is a staple technique for the preparation of polymers with well‐defined architecture. In ATRP, the catalyst governs the equilibrium between propagating radicals and dormant species, thus affecting the polymerization control for a range of monomers and transferable atoms employed in the process. The design and the use of highly active catalysts could diminish the amount of transition metal complexes, extend ATRP to less active monomers and give access to new chain‐end functionalities. At the same time, very active catalysts can be involved in formation of organometallic species. Herein, the role of the catalyst on the ATRP equilibrium is carefully elucidated, together with recent observations on the impact of the catalyst nature on formation of organometallic species and relevant side reactions. Based on this knowledge, a perspective on the benefits and challenges that derive from the use of highly active ATRP catalysts is presented.