Liquid phase (also called “liquid cell”) transmission electron microscopy (TEM) is a powerful platform for nanoscale imaging and characterization of physical and chemical processes of materials in liquids. It is a direct approach to address critical scientific questions on how materials form or transform in response to external stimuli, such as changes in chemical potential, applied electric bias, and interactions with other materials or their environment. Answers to these questions are essential for understanding and controlling nanoscale materials properties and advancing their applications. With the recent technical advances in TEM, such as the development of sample stages, detectors, and image processing toolkits, liquid phase TEM is transforming our ability to characterize materials and revolutionizing our understanding of many fundamental processes in materials science and other fields. In this article, we briefly review the current status, challenges, and opportunities in liquid phase TEM. More details of the development and applications of liquid cell TEM are discussed in the articles in this issue of MRS Bulletin.