Based on a comprehensive review of literature, the paper examines how ‘managerial work’ as a fluid analytical category has been approached methodologically, theoretically and empirically for more than 60 years. In particular, it highlights the existence of competing scholarly understandings regarding its nature, performance, meaning and politics. The authors suggest that subsequent empirical investigations have too often worked, methodologically and theoretically, to slot in, and thus effectively reduce, the term to a particular pre‐existing box, rather than exploring open‐endedly the what and how, but also the why of ‘managerial work’ as a distinct mode of situated ordering. Having represented the concept's past and present by identifying four distinct research approaches reflected in representative publications, the authors suggest that more attention should be devoted to a mode of analytical departure that promises to address directly the suggested shortcomings in the literature. Specifically, it is argued that much could be gained if contemporary notions of practice were brought into the study of managerial work. To this end, the authors outline the contours of a practice‐based approach as a sensitizing framework for understanding managerial work by highlighting the situated, relational, sociomaterial, meaning‐making and consequence‐oriented analytical foci the approach suggests, and suggesting a number of conjoint research questions, as well as acknowledging subsequent limitations.