Electrochemical water splitting by renewable energy resources is an efficient and green approach for hydrogen gas production. However, the anodic oxygen evolution reaction (OER) largely impedes the industrial application due to its sluggish four‐electron‐transition kinetics. Although various materials have been developed to accelerate the OER rate, still some issues should be addressed to meet the industrial demand: (i) considerable 200–300 mV overpotential as extra onset energy input, (ii) limited survival and performance in acidic electrolyte for the majority of oxide/hydroxide composite materials, (iii) unsatisfying long‐term durability and (iv) the need for facile and scalable preparation methods. Here, we emphasize on multi‐metallic composites with enhanced OER activity based on both precious and nonprecious elements that outperform the unary and binary composites. The regulation effect from multi‐metal incorporation is also summarized systematically: (i) introducing foreign metal atoms to the host material boosts the physical properties such as conductivity, surface area, defect density, morphology, wettability, etc., (ii) metal doping can synergistically regulate the electronic features of the host material, e. g. oxygen vacancy, eg orbit filling, coordinative number and covalence state, which can optimize the absorption/desorption energy of the M−O intermediate, (iii) chaotic impact from the added atoms twists the catalyst lattice into a more aggressive and higher energy state, which is more feasible to transform to an active intermediate with lower required energy supply. This review aims to provide a practical approach to further improve the OER performance via multi‐metallic‐based catalysts.