With the increasing need to seamlessly integrate renewable energy with the current electricity grid, which itself is evolving into a more intelligent, efficient, and capable electrical power system, it is envisioned that energy‐storage systems will play a more prominent role in bridging the gap between current technology and a clean sustainable future in grid reliability and utilization. Redox flow battery technology is a leading approach in providing a well‐balanced solution for current challenges. Here, recent progress in the research and development of redox flow battery technology, including cell‐level components of electrolytes, electrodes, and membranes, is reviewed. The focus is on new redox chemistries for both aqueous and non‐aqueous systems.