As Si has faced physical limits on further scaling down, novel semiconducting materials such as 2D transition metal dichalcogenides and oxide semiconductors (OSs) have gained tremendous attention to continue the ever-demanding downscaling represented by Moore's law. Among them, OS is considered to be the most promising alternative material because it has intriguing features such as modest mobility, extremely low off-current, great uniformity, and low-temperature processibility with conventional complementary-metal-oxide-semiconductor-compatible methods. In practice, OS has successfully replaced hydrogenated amorphous Si in high-end liquid crystal display devices and has now become a standard backplane electronic for organic light-emitting diode displays despite the short time since their invention in 2004. For OS to be implemented in next-generation electronics such as back-end-of-line transistor applications in monolithic 3D integration beyond the display applications, however, there is still much room for further study, such as high mobility, immune short-channel effects, low electrical contact properties, etc. This study reviews the brief history of OS and recent progress in device applications from a material science and device physics point of view. Simultaneously, remaining challenges and opportunities in OS for use in next-generation electronics are discussed.