The generation of volatile compounds (VCs) is a technique employed for gaseous‐phase sampling as an alternative to the conventional liquid‐phase sampling in all methods of analytical atomic spectroscopy. The technique is currently not only applicable for the determination of mercury and “classical” hydride‐forming elements (arsenic, antimony, bismuth, germanium, lead, selenium, tellurium, and tin) but also for a wide range of other elements including a long list of transition metals. There are several approaches employed for the generation of analytically useful VCs. Generation of VCs involves separation of the analyte from the sample matrix together with high efficiency of analyte transport to the detector which results in exceptional detection power of the method. It offers other important benefits: simple analyte preconcentration and an extension of application to elemental speciation analysis. A brief description of theory, instrumentation, methodology, interferences and approaches to speciation analysis is presented in this article together with a critical discussion of advantages and limitations of the technique.