As the anode reaction of proton exchange membrane water electrolysis (PEMWE), the acidic oxygen evolution reaction (OER) is one of the main obstacles to the practical application of PEMWE due to its sluggish four‐electron transfer process. The development of high‐performance acidic OER electrocatalysts has become the key to improving the reaction kinetics. To date, although various excellent acidic OER electrocatalysts have been widely researched, Ir‐based nanomaterials are still state‐of‐the‐art electrocatalysts. Hence, a comprehensive and in‐depth understanding of the reaction mechanism of Ir‐based electrocatalysts is crucial for the precise optimization of catalytic performance. In this review, the origin and nature of the conventional adsorbate evolution mechanism (AEM) and the derived volcanic relationship on Ir‐based electrocatalysts for acidic OER processes are summarized and some optimization strategies for Ir‐based electrocatalysts based on the AEM are introduced. To further investigate the development strategy of high‐performance Ir‐based electrocatalysts, several unconventional OER mechanisms including dual‐site mechanism and lattice oxygen mediated mechanism, and their applications are introduced in detail. Thereafter, the active species on Ir‐based electrocatalysts at acidic OER are summarized and classified into surface Ir species and O species. Finally, the future development direction and prospect of Ir‐based electrocatalysts for acidic OER are put forward.