The laser-induced breakdown spectroscopy (LIBS) technique in the last decade has become a valid alternative to conventional analytical methods in many application fields, thanks to the improvement in the techniques used for the treatment of the large amount of information that can be obtained in very short times using modern LIBS systems. However, the mere application of numerical algorithms, in spite of their potential effectiveness, without a comparable knowledge of the fundamental chemical and physical properties of the system under study may provide misleading results which would hinder a possible larger acceptation of the LIBS technique in spectrochemical analysis of materials. In this chapter, we will introduce the basic concepts whose understanding is fundamental for a correct exploitation of the well-known advantages of the LIBS technique, while minimizing the effect of the equally well-known, although sometimes underestimated, limitations. We will also add some consideration about present and future development of the technique.