Supercapacitors have drawn the great attention of researchers as green energy storage devices. Until now, serious positive electrodes for asymmetric cells have been developed noticeably. Nevertheless, negative electrode materials have been less explored, especially pseudocapacitive materials. In this review, the impact of the morphology and composition of hematite (α‐Fe2O3) based carbon composite as pure negative electrode are discussed. Besides, the specific capacitance, electrochemical stability, power density, and energy density of those materials are covered. The asymmetric supercapacitor using α‐Fe2O3 based carbon composite electrode shows high energy density, which can compete with batteries.