The oxygen blast furnace (OBF) process has been extensively studied theoretically because of the potentials of promising energy conservation and CO2 emission reduction. Herein, investigations of the OBF process are reviewed and some suggestions for its future development are presented. The main findings can be condensed into the following: static and dynamic models of the OBF should be revised to considering the newest theoretical findings in the thermodynamics and kinetics involved as well as the particular limitations of the technology. Models focusing on energy demand and emissions should be further developed and applied to enhance the design for increased efficiency and sustainability of the complicated OBF system. It will be challenging to operate the full OBF process with top gas recycling (TGR). The development of mathematical models focusing on the practical operation is therefore warranted and would provide useful tools for tackling control problems and difficulties that will arise in forthcoming industrial trials. Considering these potential challenges, a medium oxygen‐enriched blast furnace with TGR as a forerunner is suggested because its operation conditions show greater resemblance with those of the traditional blast furnace. This furthermore provides a path of transition to the use of the full OBF in industrial scale.