Recently, aqueous zinc‐ion batteries with conversion mechanisms have received wide attention in energy storage systems on account of excellent specific capacity, high power density, and energy density. Unfortunately, some characteristics of cathode material, zinc anode, and electrolyte still limit the development of aqueous zinc‐ion batteries possessing conversion mechanism. Consequently, this paper provides a detailed summary of the development for numerous aqueous zinc‐based batteries: zinc‐sulfur (Zn‐S) batteries, zinc‐selenium (Zn‐Se) batteries, zinc‐tellurium (Zn‐Te) batteries, zinc‐iodine (Zn‐I2) batteries, and zinc‐bromine (Zn‐Br2) batteries. Meanwhile, the reaction conversion mechanism of zinc‐based batteries with conversion mechanism and the research progress in the investigation of composite cathode, zinc anode materials, and selection of electrolytes are systematically introduced. Finally, this review comprehensively describes the prospects and outlook of aqueous zinc‐ion batteries with conversion mechanism, aiming to promote the rapid development of aqueous zinc‐based batteries.