Herein we present recent studies on the nature of thermotropic liquid crystalline polymers (LCPs) and their progress. Side‐chain liquid crystals are also discussed briefly, showing the similarities and differences between these closely related molecules. We summarize and review the newly developed thin‐film polymerization technique for the investigation of liquid crystalline formation as a function of monomer moieties, and for the study of reaction kinetics, evolution of liquid crystal texture, and surface energy during polycondensation reactions. We also highlight various modification approaches to yield main‐chain LCPs suitable for conventional processing equipment, without compromising the unique liquid crystalline characteristics and superior mechanical properties. The thermal stability, degradation behavior, and crystallization kinetics of commercially available main‐chain LCPs are recapitulated. Attention is also given to the rheology, polymer blends, micro‐ and nanostructures, processing of LCPs, and their applications. In the past decade, investigations of thermotropic LCPs have decreased from the high interest and publication rate of the latter part of the twentieth century. However, the number of monomer combinations giving rise to main‐chain thermotropic polymers has increased and the origin of LCP rheology and morphology have been elucidated. The most important new work is the invention and description of thermotropic thermosets.