This review covers the fundamental aspects of polymer stabilization with emphasis on the underlying mechanisms of oxidative degradation of polymers, and the many factors that affect their stability and durability. The basic mechanisms of antioxidant action in polymer stabilization and the effects of chemical and physical factors that impact performance are presented. The different classes of antioxidants are discussed with specific examples. Recent progress made in several areas of stabilization targeted at improving the stability and durability of polymers is highlighted, for example, graftable and macromolecular antioxidants, bio‐based (natural/biological) antioxidants, polymer nanocomposites, photovoltaics, fuel cells and orthopedic implants.