Oxide semiconductors are considered as one of the most promising candidates for back‐end‐of‐line transistors for monolithic 3D integration due to various advantages, such as complementary metal–oxide–semiconductor (CMOS)‐compatible method, low fabrication temperature, and promising electrical characteristics. As such, the demand for p‐type oxide semiconductors that are comparable to their n‐type oxide counterparts is increasing. However, the inferior electrical characteristics of p‐channel field‐effect transistors based on oxide semiconductors hinder their widespread application. Thus, the development of high‐performance p‐type oxide semiconductors is essential for their implementation in next‐generation electronics, which have requirements such as innovative form factors, high power efficiencies, and superior transparency. Herein, strategies for improving the device performances of p‐type oxide semiconductors fabricated via CMOS‐compatible methods are reviewed from a material science and device physics perspective, and a brief history of p‐type oxide semiconductors is discussed. Furthermore, critical issues for p‐type oxide semiconductors, such as the transport mechanism, bias stress stability, high off‐current, and ambipolar behavior, are discussed.