Potassium‐ion batteries (PIBs) show great potential in the application of large‐scale energy storage devices due to the comparable high operating voltage with lithium‐ion batteries and lower cost. Carbon‐based materials are promising candidates as anodes for PIBs, for their low cost, high abundance, nontoxicity, environmental benignity, and sustainability. In this review, we will first discuss the potassium storage mechanisms of graphitic and defective carbon materials and carbon‐based composites with various compositions and microstructures to comprehensively understand the potassium storage behavior. Then, several strategies based on heteroatoms doping, unique nanostructure design, and introduction of the conductive matrix to form composites are proposed to optimize the carbon‐based materials and achieve high performance for PIBs. Finally, we conclude the existing challenges and perspectives for further development of carbon‐based materials, which is believed to promote the practical application of PIBs in the future.