AbstractOver the past two decades, large strides have been made in the field of planet formation. Yet fundamental questions remain. Here we review our state of understanding of five fundamental bottlenecks in planet formation. These are the following: (1) the structure and evolution of protoplanetary disks; (2) the growth of the first planetesimals; (3) orbital migration driven by interactions between protoplanets and gaseous disk; (4) the origin of the Solar System's orbital architecture; and (5) the relationship between observed super‐Earths and our own terrestrial planets. Given our lack of understanding of these issues, even the most successful formation models remain on shaky ground.