Aqueous multivalent‐ion batteries (AMIBs) with features of environmental friendliness and cost‐efficiency are the most promising energy storage technologies for consumer electronics, electric vehicles, and grid‐scale energy storage. However, their practical application is severely impeded by the restricted capacity of electrode materials. Since chalcogen and halogen elements possess high specific capacities and low‐cost, the aqueous multivalent‐ion batteries based on chalcogen and halogen conversion are attractive due to the significant enhancement of specific energies. In this review, the advantages and recent progress of AMIBs based on chalcogen and halogen conversion chemistry have been systematically summarized with an emphasis on cell configuration, electrochemical performance, and storage mechanism. Furthermore, this review not only proposes challenges and perspectives for AMIBs, but also provides promising strategies for developing device‐scale applications. The above efforts may pave the way for the further development of high‐performance aqueous multivalent‐ion batteries with high safety and competitive performance.