Electrocatalytic water splitting is one of the most promising sustainable energy conversion technologies, but is limited by the sluggish electrochemical reactions. Inorganic nanomaterials have been widely used as efficient catalysts for promoting the electrochemical kinetics. Several approaches to optimize the activities of these nanocatalysts have been developed. The electronic structures of the catalysts play a pivotal role in governing the activity and thus have been identified as an essential descriptor. However, the underlying working mechanisms related to the refined electronic structures remain elusive. To establish the structure–electronic‐behavior–activity relationship, a comprehensive overview of the developed strategies to regulate the electronic structures is presented, emphasizing the surface modification, strain, phase transition, and heterostructure. Current challenges to the fundamental understanding of electron behaviors in the nanocatalysts are fully discussed.