The primary objective of haymaking is to dry forage adequately to inhibit the growth of undesirable microbes and halt residual plant enzymatic activity that causes nutrient losses. During the field and storage phases of haymaking, the environment, management practices, and other factors influence the extent of dry matter losses. This review discusses these factors and the strategies that have been developed to mitigate nutrient losses. A major emphasis was placed on hay microbiome dynamics, as it has been scarcely studied despite its importance on nutrient losses during storage and harvest, especially under humid conditions. The effects of cutting height, mower type, and swath manipulation on soil contamination were discussed. Also, the impact of environmental conditions and swath manipulation on wilting time was analysed for humid and arid conditions. Special attention was given to design improvements in harvesting equipment to reduce wilting time and field losses. Furthermore, we assessed the nutrient losses during storage caused by microbial and residual plant enzymatic activity resulting from excessive moisture at baling or re‐introduced moisture during storage. The spoilage extent during storage depends on bale moisture, size, density, shape, wrapping, forage type, and storage facilities. A Venn diagram analysis showed that each phase of haymaking process has a unique microbiome and that certain fungal and bacterial genera could be shared across more than one hay production phase. To take corrective actions, hay producers need to be aware of the increased susceptibility to nutrient losses associated with particular field and storage practices, environmental conditions, and forage types.