The oxygen evolution reaction (OER) is significant for energy conversion and storage technologies. However, efficient electrocatalysts are required to overcome its sluggish kinetics. Recently, NiFe‐based composites have shown to be promising electrocatalysts for alkaline OER, and numerous efforts have been invested in the development of low‐cost and advanced NiFe‐based nanostructures. In this mini review, the latest developments in NiFe‐based electrocatalysts are summarized and discussed. Following the introduction of the OER mechanism, different NiFe electrocatalysts in alloys, (hydr)oxides, and other derived compounds are successively introduced. Moreover, the synthesis methods of typical layered NiFe hydroxide structures are also introduced. Finally, recent progress is summarized and some perspectives are provided for addressing future challenges for NiFe‐based electrocatalysts. It is believed that this review may provide useful reference for the future design and preparation of NiFe compounds for the alkaline OER and beyond.