The classification of half‐metals is discussed taking account of both itinerant and localized electrons. The recent developments in the search for new half‐metals in oxides, nitrides, sulfides, and Heusler alloys are presented. The different experimental techniques for measuring spin polarization are summarized. The difficulties in measuring the spin polarization directly forced the exploration of other experimental techniques to identify a half‐metal, apart from an integral spin moment, metallic conduction criteria, and band‐structure calculations. The effect of surface/interface states on half‐metallicity is reviewed as the challenges remain in controlling the composition, defects, atomic ordering both in the bulk and at the interface. The possible applications of half‐metals, ideal sources of spin‐polarized electrons, in spin electronics are outlined.