Electrocatalytic reduction of small molecules such as dioxygen (O2), carbon dioxide (CO2), and water has driven conspicuous attention due to their technological importance and capability of tackling current environmental issues. So far, to drive such reactions, catalysts based on the platinum‐group elements have displayed the best performance, however, the high‐cost and scarcity of these elements hinder large‐scale applications. Alternatively, earth‐abundant M−N−C (M=Fe, Co, or Ni) materials have stood out as potential candidates because of their suitable electrocatalytic properties for the aforementioned reactions. In this way, the present review aims to provide a thorough account of the recently reported strategies to improve the electrocatalytic reduction of O2, CO2, and water on M−N−C catalysts. In order to have an in‐depth understanding of these reactions, we will also discuss some of the latest theoretical studies based on computer modelling and simulation. Lastly, additional comments on future perspectives will be provided to guide new studies.