This article presents the fundamental principles of living anionic polymerization, including polymerizable monomers, kinetics and mechanism, stereochemistry, and copolymerization. The importance of anionic polymerization for preparation of model polymers with well‐defined structures and low degrees of compositional heterogeneity is illustrated with respect to molecular weight, molecular weight distribution, copolymer composition and comonomer distribution, stereochemistry, chain‐end functionality, and molecular architecture. Practical aspects of anionic polymerization are considered such as polymerizable monomers, solvents, and initiators. General kinetics, mechanisms, and stereochemistries of anionic polymerizations of styrenes, dienes, acrylates and methacrylates, vinylpyridines, epoxides, thiiranes, lactones, cyclic carbonates, and siloxanes are discussed. Effects of aggregation of the initiator and of the chain‐end on the kinetics of alkyllithium‐initiated polymerizations of hydrocarbon monomers are detailed. Experimental conditions that can cause chain transfer and chain‐termination reactions are presented. Copolymerization behavior, monomer reactivity ratios, and copolymer microstructure for styrenes and dienes are detailed to understand the syntheses of tapered block copolymers and random copolymers.