Lithium–oxygen batteries have recently received attention due to their extremely high theoretical energy densities, which far exceed that of any other existing energy storage technology. The significantly larger theoretical energy density of the lithium–oxygen batteries is due to the use of a pure lithium metal anode and the fact that the cathode oxidant, oxygen, is stored externally since it can be readily obtained from the surrounding air. Before the lithium–oxygen batteries can be realized as high performance, commercially viable products, there are still many challenges to overcome, from designing their cathode structure, to optimizing their electrolyte compositions and elucidating the complex chemical reactions that occur during charge and discharge. The scientific obstacles that are related to the performance of the lithium–oxygen batteries open up an exciting opportunity for researchers from many different backgrounds to utilize their unique knowledge and skills to bridge the knowledge gaps that exist in current research projects. This article is a summary of the most significant limiting factors that affect the performance of the lithium–oxygen batteries from the perspective of the authors. The article indicates the relationships that form between various limiting factors and highlights the complex yet captivating nature of the research within this field.