This article reports on a Delphi study conducted to determine key issues and challenges facing Functional Requirements for Bibliographic Records (FRBR) research and practice. The Delphi panel consisted of thirty‐three experts in the field who participated in a three‐round issue‐raising and consensus‐building process via a Web‐based survey instrument designed for this study. The panel members were asked to raise critical issues in each of five major areas based on themes in existing literature: (1) the FRBR model, (2) FRBR and related standards, (3) FRBR application, (4) FRBR system development, and (5) FRBR research. These issues were categorized and then rated for importance in the follow‐up rounds. The results of this study provide a list of the most critical issues, based on importance ratings and group consensus, for future FRBR research and practice in each FRBR area.