The pressure‐driven explosive energy‐conversion (EEC) effect of ferroelectric (FE) materials has been extensively studied in scientific research and high‐tech applications owing to its high pulse‐power output capability. The fundamental principle of this effect is pressure‐driven phase transition and depolarization in FE materials, accompanied by discharging behavior from the charge release upon pressure loading. Pb(Zr,Ti)O3 has been an excellent example of a materials exhibiting these properties. However, recent investigations have been focused on developing other lead‐based or lead‐free materials with a higher energy‐storage ability and better temperature stability. In this article, we review the recent progress achieved in the past decades on different types of lead‐based and lead‐free ceramics, single crystals, and multilayer films, based on their unique pressure‐driven phase transition and energy‐conversion properties. Their pulse power discharging performance under actual shock‐wave compression is also summarized, followed by a detailed discussion of the failure mechanism under shock‐wave compression. Finally, several issues and perspectives are proposed for future investigation in this area. All these not only assist in the design of new materials for high‐performance EEC but are also helpful for the practical application of these promising materials in pulse‐power technologies.