Osmotic energy, often referred to as “blue energy”, is the energy generated from the mixing of solutions with different salt concentrations, offering a vast, renewable, and environmentally friendly energy resource. The efficacy of osmotic power production considerably relies on the performance of the transmembrane process, which depends on ionic conductivity and the capability to differentiate between positive and negative ions. Recent advancements have led to the development of membrane materials featuring precisely tailored ion transport nanochannels, enabling high‐efficiency osmotic energy harvesting. In this review, ion diffusion in confined nanochannels and the rational design and optimization of membrane architecture are explored. Furthermore, structural optimization of the membrane to mitigate transport resistance and the concentration polarization effect for enhancing osmotic energy harvesting is highlighted. Finally, an outlook on the challenges that lie ahead is provided, and the potential applications of osmotic energy conversion are outlined. This review offers a comprehensive viewpoint on the evolving prospects of osmotic energy conversion.