Electrocatalytic energy conversion plays a crucial role in realizing energy storage and utilization. Clean energy technologies such as water electrolysis, fuel cells, and metal‐air batteries heavily depend on a series of electrochemical redox reactions occurring on the catalysts surface. Therefore, developing efficient electrocatalysts is conducive to remarkably improved performance of these devices. Among numerous studies, transition metal‐based nanomaterials (TMNs) have been considered as promising catalysts by virtue of their abundant reserves, low cost, and well‐designed active sites. This Minireview is focused on the typical clean electrochemical reactions: hydrogen evolution reaction, oxygen evolution reaction, and oxygen reduction reaction. Recent efforts to optimize the external morphology and the internal electronic structure of TMNs are described, and beginning with single‐component TMNs, the active sites are clarified, and strategies for exposing more active sites are discussed. The summary about multi‐component TMNs demonstrates the complementary advantages of integrating functional compositions. A general introduction of single‐atom TMNs is provided to deepen the understanding of the catalytic process at an atomic scale. Finally, current challenges and development trends of TMNs in clean energy devices are summarized.