Supercapacitors (SCs) can effectively alleviate problems such as energy shortage and serious greenhouse effect. The properties of electrode materials directly affect the performance of SCs. Rare earth (RE) is known as “modern industrial vitamins”, and their functional materials have been listed as key strategic materials. In the past few years, the number of scientific reports on RE‐based nanomaterials for SCs has increased rapidly, confirming that adding RE elements or compounds to the host electrode materials with various nanostructured morphologies can greatly enhance their electrochemical performance. Although RE‐based nanomaterials have made rapid progress in SCs, there are very few works providing a comprehensive survey of this field. In view of this, a comprehensive overview of RE‐based nanomaterials for SCs is provided here, including the preparation methods, nanostructure engineering, compounds, and composites, along with their capacitance performances. The structure–activity relationships are discussed and highlighted. Meanwhile, the future challenges and perspectives are also pointed out. This Review can not only provide guidance for the further development of SCs but also arouse great interest in RE‐based nanomaterials in other research fields such as electrocatalysis, photovoltaic cells, and lithium batteries.