Smectites are a group of minerals traditionally analyzed by thermal methods due to their exceptionally large adsorbed-water contents and the presence of OH groups, which makes them unique among all common soil- and rock-forming minerals. The dehydration reaction of smectite is a low-temperature endothermic effect that ends typically below 200°C. Although the removal of bulk interlayer water requires activation energy (Ea) of just above 30 kJ/mol, the removal of the last few H2O molecules attached strongly to interlayer cations requires Ea > 100 kJ/mol. Dehydroxylation is the loss of structural OH groups that proceeds as evolution of H2O molecules out of the smectite structure and occurs in the 300–900°C range. In trioctahedral species, dehydroxylation is combined with recrystallization and proceeds usually at > 700°C. In dioctahedral species, the temperature of dehydroxylation is controlled by the type of octahedral vacancy, having trans-vacant and cis-vacant distinguished by the boundary at ~ 600°C, and by the octahedral cation–OH bond strength, following the order Mg > Al > Fe. The Ea of dehydroxylation correlates linearly with the temperature of maximum dehydroxylation; from > 170 kJ/mol for Cs+-exchanged beidellite and nontronite, through ~ 300 kJ/mol in Mg-rich montmorillonite, to > 500 kJ/mol in trioctahedral saponite. Dehydration and dehydroxylation of smectites can be accompanied by a number of other phenomena, such as dehydrogenation or defluorination. At high temperatures, smectite amorphization and recrystallization occurs. Unless amorphized and/or recrystallized, smectites can undergo rehydration and rehydroxylation, which are opposite reactions to dehydration and dehydroxylation, respectively. This review discusses the details of the above-mentioned thermal reactions of smectites, focusing on thermogravimetric methods, evolved gas analysis, and structural alterations. Factors affecting the accuracy and precision of thermal analysis of smectite are discussed along with examples of best laboratory practices. The paper also provides the most recent description and critical evaluation of smectite reaction kinetics.