The amount of CO2in the atmosphere is rising due to the combustion of fossil fuels to fulfill the energy demand. The need to build cleaner and more efficient energy systems is motivated by the introduction of chemical looping combustion (CLC) as an alternative to conventional combustion by transferring oxygen. The transfer of oxygen from the air to fuel is carried out by a metal oxide known as an oxygen carrier (OC). For high fuel conversion and oxygen transport capacity, many efforts have been made for the preparation of an OC with minimal material cost. This review aims to summarize the recent advances and development of various types of OCs; particularly those developed within the previous five years are critically discussed in this paper. The main criteria for the selection of the OCs for CLC include their oxygen vacancies, oxygen transport capacities, costs, and tendencies over coke deposition, agglomeration, and attrition. OCs for CLC can be generally divided into single oxides, mixed oxides, natural mineral, spinel from mixed metal oxides, and perovskite. These have been critically discussed with their significance in CLC. The performances, advantages, and limitations of the OCs are presented and compared in detail. © 2021 American Chemical Society