During wakefulness, the stream of thought is occasionally interrupted by moments when we cannot report any thoughts, termed “mind blanking” (MB). As MB is a relatively new mental state, we here examine how it relates to key concepts of ongoing thinking, namely thought content and thought dynamics. By reviewing empirical studies on the neural correlates of MB, we first indicate that MB is mediated by variations in cortical and physiological arousal levels. In terms of thought content, we propose to view MB on a dimensional space representing content types, where MB is unrelated to content. In terms of thought dynamics, we suggest conceptualizing MB as a moment during content transitioning, or as a failure to transition across contents in the first place. Taken together, we suggest that MB has unique place in the study of ongoing thinking, and its inclusion can facilitate the isolation of the neural correlates of thinking.