Recent advances in the understanding and application of living/controlled radical polymerizations (L/CRP) to aqueous dispersions, including miniemulsion, emulsion, and suspension, are reviewed. The advantages of aqueous dispersions for commercializing L/CRP systems provide a powerful incentive for adapting L/CRP to dispersed systems, but there have been significant challenges posed by the inherent nature of operating in a heterogeneous environment and in confined reaction volumes. Stable-free radical polymerization (SFRP), atom transfer radical polymerization (ATRP), and reversible-addition-fragmentation-transfer (RAFT) polymerization in heterogeneous systems have all been the subject of active investigation. Developments in the chemistry of each type of L/CRP have facilitated their successful adaptation to aqueous dispersed systems. Newer types of L/CRP, including cobalt-mediated polymerization and reverse iodine transfer polymerization (RITP), have been rapidly adapted to enable their use in water-borne systems. The progress of each type of L/CRP in aqueous dispersions is discussed, along with outstanding challenges, issues, and future opportunities.