Nitroxide‐mediated polymerization (NMP) has been studied abundantly in the past three decades. There are several very good and recent reviews on the topic available in the literature. Although in this article we provide an overview on the research efforts focused on the polymer chemistry of NMP, our emphasis is placed on research aspects of NMP from a polymer reaction engineering perspective. Namely, we emphasize the use of engineering tools (such as mathematical modeling) on the design, analysis, and control of NMP processes (process engineering) and the well‐defined microstructures obtained by NMP (product engineering). These aspects are not sufficiently discussed or even included in previous reviews on NMP. Despite of all the intensive research programs carried out in academia and industrial research centers over 30 years, there are still several issues that limit the commercial exploitation of NMP. These issues, which include slow polymerization rates, reduced amount of monomers amenable for polymerization by NMP, low molecular weights, and insufficient commercial availability of NMP controllers, are also discussed.