This work concerns general multiple‐input/multiple‐output (MIMO) nonlinear systems with nonsingular characteristic matrix. For these systems, the problem of inversion is revisited and explicit formulas are derived for the full‐order and the reduced inverse system. The reduced inverse naturally leads to an explicit calculation of the unforced zero dynamics of the system and the definition of a concept of forced zero dynamics. These concepts generalize the notion of transmission zeros for MIMO linear systems in a nonlinear setting. Chemical engineering examples are given to illustrate the calculation of zero dynamics. Input/output linearization is then interpreted as canceling the forced zero dynamics of the system, and precise internal stability conditions are derived for the closed‐loop system.