Water oxidation, or the oxygen evolution reaction (OER), which combines two oxygen atoms from two water molecules and releases one oxygen molecule, plays the key role by providing protons and electrons needed for the hydrogen generation, electrochemical carbon dioxide reduction, and nitrogen fixation. The multielectron transfer OER process involves multiple reaction intermediates, and a high overpotential is needed to overcome the sluggish kinetics. Among the different water splitting devices, proton exchange membrane (PEM) water electrolyzer offers greater advantages. However, current anode OER electrocatalysts in PEM electrolyzers are limited to precious iridium and ruthenium oxides. Developing highly active, stable, and precious‐metal‐free electrocatalysts for water oxidation in acidic media is attractive for the large‐scale application of PEM electrolyzers. In recent years, various types of precious‐metal‐free catalysts such as carbon‐based materials, earth‐abundant transition metal oxides, and multiple metal oxide mixtures have been investigated and some of them show promising activity and stability for acidic OER. In this review, the thermodynamics of water oxidation, Pourbaix diagram of metal elements in aqueous solution, and theoretical screening and prediction of precious‐metal‐free electrocatalysts for acidic OER are first elaborated. The catalytic performance, reaction kinetics, and mechanisms together with future research directions regarding acidic OER are summarized and discussed.