Asthma severity is typically classified according to lung function, but asthma control in relation to lung function is often harder to define. In this paper, we will review how lung function measured at rest, as well as over time, relates to asthma control. We will explore not only conventional lung function as measured by spirometry, such as peak expiratory flow and forced expiratory volume in 1 s, but also more sophisticated measurements of peripheral airway function related to respiratory system impedance and ventilation heterogeneity. In particular, we will review the emerging area of assessing the fluctuation of lung function over time and how it may correlate to both past and future asthma control.