Silicon/carbon (Si/C) composites present great potential as anode materials for rechargeable batteries since the materials integrate the high specific capacity and the preferable cycling stability from Si and C components, respectively. Functional Si/C composites based on lignocellulose have attracted wide attention due to the advantages from lignocellulose, including sustainability property, flexible structural tunability, and diverse physicochemical functionality. Although the flourishing development of rechargeable batteries boosts the studies on lignocellulose‐derived Si/C materials with high electrochemical performance, the publications that comprehensively clarify the design and functionalization of these high‐profile materials are still scarce. Accordingly, this review first systematically summarizes the recent advances in the structural design of lignocellulose‐derived Si/C composites after a brief clarification about the Si selection sources based on self and extraneous sources. Afterward, the functionalization strategies, including nanosizing, porosification, and magnesiothermic reduction of Si material as well as heteroatom modification of C material, are specifically highlighted. Besides, the applications of lignocellulose‐derived Si/C‐based materials in rechargeable batteries are elaborated. Finally, this review discusses the challenges and prospects of the application of lignocellulose‐derived Si/C composites for energy storage and provides a nuanced viewpoint regarding this topic.