Due to substantial consumption and widespread contamination of the available freshwater resources, green, economical, and sustainable water recycling technologies are urgently needed. Recently, Faradic capacitive deionization (CDI), an emerging desalination technology, has shown great desalination potential due to its high salt removal ability, low consumption, and hardly any co‐ion exclusion effect. However, the ion removal mechanisms and structure–property relationships of Faradic CDI are still unclear. Therefore, it is necessary to summarize the current research progress and challenges of Faradic CDI. In this review, the recent progress of Faradic CDI from five aspects is systematically reviewed: cell architectures, desalination mechanisms, evaluation indicators, operation modes, and electrode materials. The working mechanisms of Faradic CDI are classified as insertion reaction, conversion reaction, ion‐redox species interaction, and ion‐redox couple interaction in the electrolytes. The intrinsic and desalination properties of a series of Na+ and Cl− capturing materials are described in detail in terms of design concepts, structural analysis, and synthesis modulation. In addition, the effects of different cell architectures, operation modes, and electrode materials on the desalination performance of Faradic CDI are also investigated. Finally, the work summarizes the challenges remaining in Faradic CDI and provides the prospects and directions for future development.