This review aims to give more understanding of the selection and development of oxygen carrier materials for chemical looping. Chemical looping, a rising star in chemical technologies, is capable of low CO₂ emissions with applications in the production of energy and chemicals. A key issue in the further development of chemical looping processes and its introduction to the industry is the selection and further development of an appropriate oxygen carrier (OC) material. This solid oxygen carrier material supplies the stoichiometric oxygen needed for the various chemical processes. Its reactivity, cost, toxicity, thermal stability, attrition resistance, and chemical stability are critical selection criteria for developing suitable oxygen carrier materials. To develop oxygen carriers with optimal properties and long-term stability, one must consider the employed reactor configuration and the aim of the chemical looping process, as well as the thermodynamic properties of the active phases, their interaction with the used support material, long-term stability, internal ionic migration, and the advantages and limits of the employed synthesis methods. This review, therefore, aims to give more understanding into all aforementioned aspects to facilitate further research and development of chemical looping technology.