Recent observations show that certain rupture phase can propagate backward relative to the earlier one during a single earthquake event. Such back‐propagating rupture (BPR) was not well considered by the conventional earthquake source studies and remains a mystery to the seismological community. Here we present a comprehensive analysis of BPR, by combining theoretical considerations, numerical simulations, and observational evidences. First, we argue that BPR in terms of back‐propagating stress wave is an intrinsic feature during dynamic ruptures; however, its signature can be easily masked by the destructive interference behind the primary rupture front. Then, we propose an idea that perturbation to an otherwise smooth rupture process may make some phases of BPR observable. We test and verify this idea by numerically simulating rupture propagation under a variety of perturbations, including a sudden change of stress, bulk or interfacial property and fault geometry along rupture propagation path. We further cross‐validate the numerical results by available observations from laboratory and natural earthquakes, and confirm that rupture "reflection" at free surface, rupture coalescence and breakage of prominent asperity are very efficient for exciting observable BPR. Based on the simulated and observed results, we classify BPR into two general types: interface wave and high‐order re‐rupture, depending on the stress recovery and drop before and after the arrival of BPR, respectively. Our work clarifies the nature and excitation of BPR, and can help improve the understanding of earthquake physics, the inference of fault property distribution and evolution, and the assessment of earthquake hazard. Plain Language Summary: Under the traditional view on earthquakes, rupture is typically considered to propagate away from where it starts, a process called forward propagation. However, recent studies show that sometimes rupture can reverse its propagation direction relative to the earlier one, which is referred to as back‐propagating rupture (BPR). The lack of a comprehensive understanding of BPR motivates us to explore why and how BPR could occur, by combining theoretical analyses, computer simulations, and experimental or natural observations. Our theoretical analyses suggest that BPR in terms of back‐propagating stress wave should almost always exist during dynamic ruptures, but can also be masked by the canceling effect of interfering waves. Nonetheless, introducing perturbations during a relatively smooth rupture process may highlight certain phases of BPR. We verify the above idea by computer simulations and available observations, showing that perturbed rupture propagation, for example, by the encountering of free surface, another rupture, and fault asperity, indeed can excite observable BPR. We further classify BPR into interface wave and high‐order re‐rupture, when there is a negligible and finite offset to the baseline of shear stress, respectively. Our work provides new insights into earthquake source process and can help improve earthquake hazard assessment. Key Points: Back‐propagating rupture (BPR) (as stress wave) is an intrinsic feature during dynamic ruptures but can be masked by destructive interferenceObservable BPR can be excited by introducing a variety of perturbations to an otherwise smooth rupture processBPR represents interface wave or high‐order re‐rupture, and can help infer the evolution behind the primary rupture [ABSTRACT FROM AUTHOR]