Amongst “beyond lithium‐ion battery (LIB)” candidates, lithium–oxygen (Li–O
2
) (or lithium–air) batteries are highly appealing due to the high theoretical specific energy density of ∼3460 Wh kg
−1
, which on a theoretical basis offers an improvement of up to six times that of LIBs. The aim of this article is to disseminate the current state‐of‐the‐art understanding of research‐level Li–O
2
batteries regarding the various chemical and electrochemical phenomena and elaborate upon the key strategies that improve battery performance. We first introduce the fundamentals of O
2
reduction/evolution electrochemistry in Li
+
containing nonaqueous media along with the nucleation and growth process of the solid lithium peroxide (Li
2
O
2
) product occurring during discharge and its subsequent decomposition process during recharge. Owing to the insulating nature of Li
2
O
2
and high reactivity of reduced O
2
species including superoxide, peroxide, and singlet oxygen, significant scientific hurdles still need to be surmounted as highlighted by key challenges relating to the limitation in discharge capacity, high recharge overpotentials, poor cyclability, and the propensity of severe parasitic side reactions with the electrolyte solution and carbonaceous electrode. We elaborate upon these key challenges that are underpinning Li–O
2
batteries and the notable scientific, engineering, and materials science approaches taken to mitigate these challenges. Lastly, as research‐level cells typically operate with a pure O
2
source, we elaborate upon the additional complications and potential solutions associated with the inclusion of additional gases (N
2
, CO
2
, H
2
O, etc.) that would be present if the battery is operated in ambient air.