Orbital degeneracy and strong correlations in transition‐metal oxides generate spins and orbitals as low‐energy degrees of freedom. Their interplay with both real‐charge motion and virtual‐charge excitations lead to a fascinating richness of spin–charge–orbital‐ordered phases in transition‐metal oxides, to striking phenomena like the colossal magnetoresistance in manganites, the switching of charge‐ordered phases into metallic phases by applied magnetic field, and many other fascinating effects. Central topics of this review are the spin‐orbital superexchange models which provide a concise description of spin and orbital order, effective spin interactions, spin waves, and orbiton excitations in doped and undoped Mott insulators. Particular emphasis is put on recent developments of spin‐orbital superexchange models, the relation of magnetism and optical spectral weights and their temperature dependence, t
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systems with strong composite spin‐orbital fluctuations, the concepts of orbital liquid, orbital polarons, and the colossal magnetoresistance.