With the advancement of hot‐rolling production technology and the increase in product demand, the quality requirements for hot‐rolled steel strips are also constantly rising. The oxide film on the working roll, as the medium that directly contacts the strip steel in the production of hot‐rolled strip steel, its formation and development process directly affect the surface quality of the strip steel, the roll wear, and service life of the rolls. Considering the extreme working conditions of drastic temperature changes and periodic heavy loads during the rolling process, the research on the full life cycle of the oxide film on the rolls has become a hot and difficult issue in the industry. With the continuous and in‐depth research and accumulation of achievements by scholars at home and abroad over the years, a relevant oxide film development system has gradually been formed. Its scientific rationality and depth directly determine the effectiveness of formulating oxide film regulation strategies, controlling high‐precision strip steel, developing high‐performance roll materials and optimizing green rolling processes in the production process. Therefore, based on the investigation of relevant literature, this study summarizes, compares, and evaluates the key findings and evolution mechanisms of the development of the oxide film on the roll and the spalling failure behavior under the influencing factors such as material composition, rolling process, and environmental medium respectively. In view of the deficiencies of traditional research methods, combined with the current multiphysics field coupling modeling methods for the influencing factors of oxide film growth in the field of hot‐rolled sheet and strip, as well as the application status of data‐driven intelligent prediction models, the directions and challenges that need to be focused on and broken through in future research are expounded.