The paper is focused on reaction dynamics of super‐heavy nucleus formation and decay at beam energies near the Coulomb barrier. The aim is to review the things we have learned from recent experiments on fusion‐fission reactions leading to the formation of compound nuclei withZ⩾ 102 and from their extensive theoretical analysis. Main attention is paid to the dynamics of formation of very heavy compound nuclei taking place in strong competition with the process of fast fission (quasi‐fission). The choice of collective degrees of freedom playing a principal role, finding the multi‐dimensional driving potential and the corresponding dynamic equation regulating the whole process are discussed. Theoretical predictions are made for synthesis of SH nuclei up to Z=120 in the asymmetric “hot” fusion reactions basing on use of the heavy transactinide targets. © 2004 American Institute of Physics