We review recent developments on the thermodynamics of black holes in extended phase space, where the cosmological constant is interpreted as thermodynamic pressure and treated as a thermodynamic variable in its own right. In this approach, the mass of the black hole is no longer regarded as internal energy, rather it is identified with the chemical enthalpy. This leads to an extended dictionary for black hole thermodynamic quantities; in particular a notion of thermodynamic volume emerges for a given black hole spacetime. This volume is conjectured to satisfy the reverse isoperimetric inequality—an inequality imposing a bound on the amount of entropy black hole can carry for a fixed thermodynamic volume. New thermodynamic phase transitions naturally emerge from these identifications. Namely, we show that black holes can be understood from the viewpoint of chemistry, in terms of concepts such as Van der Waals fluids, reentrant phase transitions, and triple points. We also review the recent attempts at extending the AdS/CFT dictionary in this setting, discuss the connections with horizon thermodynamics, applications to Lifshitz spacetimes, and outline possible future directions in this field.

In this review we summarize, expand, and set in context recent developments on the thermodynamics of black holes in extended phase space, where the cosmological constant is interpreted as thermodynamic pressure and treated as a thermodynamic variable in its own right. We specifically consider the thermodynamics of higher-dimensional rotating asymptotically flat and AdS black holes and black rings in a canonical (fixed angular momentum) ensemble. We plot the associated thermodynamic potential—the Gibbs free energy—and study its behavior to uncover possible thermodynamic phase transitions in these black hole spacetimes. We show that the multiply-rotating Kerr-AdS black holes exhibit a rich set of interesting thermodynamic phenomena analogous to the “every day thermodynamics” of simple substances, such as reentrant phase transitions of multicomponent liquids, multiple first-order solid/liquid/gas phase transitions, and liquid/gas phase transitions of the van derWaals type. Furthermore, the reentrant phase transitions also occur for multiply-spinning asymptotically flat Myers–Perry black holes. These phenomena do not require a variable cosmological constant, though they are more naturally understood in the context of the extended phase space. The thermodynamic volume, a quantity conjugate to the thermodynamic pressure, is studied for AdS black rings and demonstrated to satisfy the reverse isoperimetric inequality; this provides a first example of calculation confirming the validity of isoperimetric inequality conjecture for a black hole with non-spherical horizon topology. The equation of state P = P(V,T) is studied for various black holes both numerically and analytically—in the ultraspinning and slow rotation regimes.

We study the thermodynamics of higher-dimensional singly spinning asymptotically AdS black holes in the canonical (fixed $J$) ensemble of extended phase space, where the cosmological constant is treated as pressure and the corresponding conjugate quantity is interpreted as thermodynamic volume. Along with the usual small/large black hole phase transition, we find a new phenomenon of reentrant phase transitions for all $d$\ge${}6$ dimensions, in which a monotonic variation of the temperature yields two phase transitions from large to small and back to large black holes. This situation is similar to that seen in multicomponent liquids.

We investigate the effects of higher curvature corrections from Lovelock gravity on the phase structure of asymptotically AdS black holes, treating the cosmological constant as a thermodynamic pressure. We examine how various thermodynamic phenomena, such as Van der Waals behaviour, reentrant phase transitions (RPT), and tricritical points are manifest for U(1) charged black holes in Gauss-Bonnet and 3rd-order Lovelock gravities. We furthermore observe a new phenomenon of ‘multiple RPT’ behaviour, in which for fixed pressure the small/large/small/large black hole phase transition occurs as the temperature of the system increases. We also find that when the higher-order Lovelock couplings are related in a particular way, a peculiar isolated critical point emerges for hyperbolic black holes and is characterized by non-standard critical exponents.