for fuel cells and metal-air batteries, hydrogen evolution reaction (HER) [15] and oxygen evolution reaction (OER) [12,16] for water electrolysis. Circumventing these challenges requires the development of entirely new electrocatalysts with high catalytic activity, selectivity, and long-term durability. In the past decade, a substantial progress has been made in the design of advantageous nanostructured electrocatalysts to increase the total number of active sites and/ or enhance the intrinsic activity of each active site. [17-20] Even so, there are still enormous opportunities for further improvement of the performance of current electrocatalysts. As the overall catalytic performance of an electrocatalyst is principally governed by its electronic structure, [21] the ultimate goal is to regulate its electronic structure atom-byatom, which is still a grand challenge. Cation exchange is a chemical conversion technique, replacing the cations in a parent ionic material with a different group of cations. [22-27] The past two decades have witnessed the revival of cation exchange as a powerful method to obtain high quality nanomaterials with surface faceting, [6,28,29] and/or heteroatom doping, [30-33] and/or introduction of defects, [28,34-38] and/or strain engineering. [26,39,40] These atomic-scale structure controls endow cation exchange with possibility to exquisitely modulate the electronic structure of transformed materials. In this progress report, we focus on the recent developments of cation exchange technology in the preparation of advanced electrocatalysts. Our intention is to show how cation exchange can regulate the atomic and electronic structure of electrocatalysts for excellent performance. Finally, the major challenges and opportunities of cation exchange in the field of engineering electrocatalysts are presented. 2. Cation Exchange The fabrication of highly active catalysts requires a thoughtful tuning of the nucleation and growth process to control their composition, size, and shape. However, this kinetic process remains poorly understood, and it is consequently difficult to simultaneously tune all the structural parameters of the obtained catalysts. Nevertheless, for some classes of nanomaterials, such as metal sulfides and oxides, synthetic protocols have been nicely developed. Their compositions, sizes and shapes can be precisely controlled. If designed cation exchange reactions occur, these nanomaterials can be used as templates In the past few decades, tremendous advances have been made in electrocatalysis due to the rational design of electrocatalysts at the nanoscale level. Further development requires engineering electrocatalysts at the atomic level, which is a grand challenge. Here, the recent advances in cation exchange strategy, which is a powerful tool for fine-tuning atomic structure of electrocatalysts via surface faceting, heteroatom doping, defects formation, and strain modulation, are the main focus. Proper atomic structure engineering effectively adjusts the electronic structure, and...