Monitoring of ventilation is an important aspect of the care of all patients with known or suspected cardiopulmonary disease, especially those in an intensive care unit. The intensity of monitoring required is dictated by the clinical need and severity of illness. It can range from simple visual observation to complex invasive technology. There are three broad categories of ventilatory monitoring: (1) assessment of lung mechanical function, (2) measurement of oxygenation, and (3) evaluation of the adequacy of ventilation (CO
2
gas exchange). Lung mechanical function is usually determined by measurements of airway pressure and lung volume. Arterial blood gas analysis is the primary method to assess oxygenation and ventilation. However, there is widespread use of pulse oximeters to continuously monitor oxygenation. Although technologically feasible, continuous intravascular monitoring of
p
a
O
2
,
p
a
CO
2
, and pH has not gained wide acceptance because cost‐effectiveness has not yet been demonstrated. Innovative advances in ventilatory monitoring will need not only to show feasibility, but cost‐effectiveness to be adopted for widespread clinical use.