Single-atom site catalysts (SACs) provide an ideal platform to identify the active centers, explore the catalytic mechanism, and establish the structure-property relationships, and thus have attracted increasing interests for electrocatalytic energy conversion. Substantial endeavors have been devoted to the construction of carbon-supported SACs, and their progress have been comprehensively reviewed. Compared with carbon-supported SACs, transition metal compounds (TMCs)-supported SACs are still in their infancy in the field of electrocatalysis. However, they have also aroused ever-increasing attention for driving electrocatalytic water splitting, and emerged as an indispensable class of SACs in recent years, predominately owing to their inherently structural features, such as rich anchoring sites, surface defects, and lattice vacancy. Herein, in this review, we have systematically summarized the recent advances of a variety of TMC supported SACs toward electrocatalytic water splitting. The advanced characterization techniques and theoretical analyses for identifying and monitoring the atomic structure of SACs are firstly manifested. Subsequently, the anchoring and stabilization mechanisms for TMC supported SACs are also highlighted. Thereafter, the advances of TMC supported SACs for driving water electrolysis are systematically unraveled.