Oxidation reactions catalyzed by O2‐dependent enzymes are gaining increasing interest in the chemical industry due to their potential to provide a more selective, benign and sustainable alternative to the conventional chemical oxidation methods. O2‐dependent enzymes, like oxidases and oxygenases, catalyze a versatile range of oxidative reactions using only molecular oxygen as oxidant. However, their practical application on larger scale has been limited up to this point, primarily due to factors like their low catalytic rates combined by a narrow substrate spectrum and low stability. Nonetheless, in recent years, enzyme engineering studies have made significant progress in addressing these challenges and moving O2‐dependent enzymes closer towards industrial utilization. In this review, we aim to provide a concise overview of the most recent engineering approaches on O2‐dependent enzymes. We will highlight recent studies that have targeted various aspects of O2‐dependent enzymes including, activity, selectivity, stability, and substrate spectrum with a focus on engineering studies where the engineered enzymes catalyze synthetically valuable reactions.