Object substitution masking (OSM) occurs when a sparse (e.g., four-dot), temporally trailing mask obscures the visibility of a briefly presented target. Here, we review theories of OSM: those that propose that OSM reflects the interplay between feedforward and feedback/reentrant neural processes, those that predict that feedforward processing alone gives rise to the phenomenon, and theories that focus on cognitive explanations, such as object updating. We discuss how each of these theories accommodates key findings from the OSM literature. In addition, we examine the relationship between OSM and other visual-cognitive phenomena, including object correspondence through occlusion, change blindness, metacontrast masking, backward masking, and visual short-term memory. Finally, we examine the level of processing at which OSM impairs target perception. Collectively, OSM appears to reflect the conditions under which the brain confuses two visual events for one when they are encoded with low spatiotemporal resolution, due to processing resources being otherwise occupied.Keywords Object substitution masking . Attention . Reentrant processing . Consciousness When observing a visual scene, at any point in time, we are conscious of only a small fraction of the available information. Given this limitation, it is important to understand the mechanisms that determine what stimuli we become conscious of, when we become conscious of them, and the nature of processing that occurs in the absence of explicit awareness. There exists a long and rich history in experimental psychology of using visual masking to explore such issues. Visual masking refers to conditions where the visibility of one to-be-reported visual stimulus (the target) is obscured by the presentation of another stimulus (the mask) that appears in close spatiotemporal proximity and does not require report. Object substitution masking (OSM) is a recent discovery in the field of visual masking and is an ideal tool for exploring questions about visual awareness because it selectively impairs the extent to which an individual becomes conscious of a visual stimulus without the extent of image-level degradation that other forms of visual masking induce. This review, therefore, focuses on the determinants and consequences of visual awareness in OSM.Here, we integrate a diverse range of literature to discern what OSM can tell us about perceptual consciousness and visual cognition in general. Specifically, we discuss the role of feedforward versus feedback processing in giving rise to OSM, whether the phenomenon is better characterized as reflecting object updating or object substitution, the similarities and differences between OSM and other forms of masking, and OSM's relationship to other visual-cognitive phenomena. In addition, we review evidence regarding the role of attention in masking. Our aim is to address controversies in the OSM literature in depth and offer insights into how some of them may already be resolved and how the field might go about resolving ...