AbstractThe extreme extragalactic sources known as Ultraluminous X‐ray Sources (ULX) represent a unique testing environment for compact objects population studies and the accretion process. Their nature has long been disputed. Their luminosity, well above the Eddington luminosity for a stellar‐mass black hole, can imply the presence of an intermediate‐mass black hole or a stellar black hole accreting above the Eddington limit. Both these interpretations are important to understand better the accretion process and the evolution of massive black holes. The last few years have seen a dramatic improvement of our knowledge of these sources. In particular, the super‐Eddington interpretation for the bulk of the ULX population has gained a strong consensus. Nonetheless, exceptions to this general trend do exist, and in particular one ULX was shown to be a neutron star, and another was shown to be a very likely IMBH candidate. In this paper, I will review the most relevant results in this field of research in the last few years. (© 2016 WILEY‐VCH Verlag GmbH & Co. KGaA, Weinheim)