The development of transparent p-type oxide semiconductors with good performance may be a true enabler for a variety of applications where transparency, power efficiency, and greater circuit complexity are needed. Such applications include transparent electronics, displays, sensors, photovoltaics, memristors, and electrochromics. Hence, here, recent developments in materials and devices based on p-type oxide semiconductors are reviewed, including ternary Cu-bearing oxides, binary copper oxides, tin monoxide, spinel oxides, and nickel oxides. The crystal and electronic structures of these materials are discussed, along with approaches to enhance valence-band dispersion to reduce effective mass and increase mobility. Strategies to reduce interfacial defects, off-state current, and material instability are suggested. Furthermore, it is shown that promising progress has been made in the performance of various types of devices based on p-type oxides. Several innovative approaches exist to fabricate transparent complementary metal oxide semiconductor (CMOS) devices, including novel device fabrication schemes and utilization of surface chemistry effects, resulting in good inverter gains. However, despite recent developments, p-type oxides still lag in performance behind their n-type counterparts, which have entered volume production in the display market. Recent successes along with the hurdles that stand in the way of commercial success of p-type oxide semiconductors are presented.