The current state of knowledge on the fundamentals of recovery from Athabasca oil sands using water-based extraction methods is reviewed. Instead of investigating bitumen extraction as a black box, the bitumen extraction process has been discussed and analyzed as individual steps: Oil sand lump size reduction, bitumen liberation, aeration, flotation and interactions among the different components that make up an oil sand slurry. With the development and adoption of advanced analytical instrumentations, our understanding of bitumen extraction at each individual step has been extended from the macroscopic scale down to the molecular level. How to improve bitumen recovery and bitumen froth quality from poor processing ores is still a future challenge in oil sands processing.