Linked lists have several advantages over arrays. Elements can be inserted into linked lists indefinitely, while an array will eventually either fill up or need to be resized, an expensive operation that may not even be possible if memory is fragmented. Similarly, an array from which many elements are removed may become wastefully empty or need to be made smaller.

Further memory savings can be achieved, in certain cases, by sharing the same "tail" of elements among two or more lists — that is, the lists end in the same sequence of elements. In this way, one can add new elements to the front of the list while keeping a reference to both the new and the old versions — a simple example of a persistent data structure.

On the other hand, arrays allow random access, while linked lists allow only sequential access to elements. Singly-linked lists, in fact, can only be traversed in one direction. This makes linked lists unsuitable for applications where it's useful to look up an element by its index quickly, such as heapsort. Sequential access on arrays is also faster than on linked lists on many machines due to locality of reference and data caches. Linked lists receive almost no benefit from the cache.

Another disadvantage of linked lists is the extra storage needed for references, which often makes them impractical for lists of small data items such as characters or boolean values. It can also be slow, and with a naïve allocator, wasteful, to allocate memory separately for each new element, a problem generally solved using memory pools.

A number of linked list variants exist that aim to ameliorate some of the above problems. Unrolled linked lists store several elements in each list node, increasing cache performance while decreasing memory overhead for references. CDR coding does both these as well, by replacing references with the actual data referenced, which extends off the end of the referencing record.

A good example that highlights the pros and cons of using arrays vs. linked lists is by implementing a program that resolves the Josephus problem. The Josephus problem is an election method that works by having a group of people stand in a circle. Starting at a predetermined person, you count around the circle n times. Once you reach nth person, take them out of the circle and have the members close the circle. Then count around the circle the same n times and repeat the process, until only one person is left. That person wins the election.
This shows the strengths and weaknesses of a linked list vs. an array, because if you view the people as connected nodes in a circular linked list then it shows how easily the linked list is able to delete nodes (as it only has to rearrange the links to the different nodes). However, the linked list will be poor at finding the next person to remove and will need to recurse through the list till it finds that person. An array, on the other hand, will be poor at deleting nodes (or elements) as it cannot remove one node without individually shifting all the elements up the list by one. However, it is exceptionally easy to find the nth person in the circle by directly referencing them by their position in the array.