For development and application of proton exchange membrane fuel cell (PEMFC) energy transformation technology, the cost performance must be elevated for the catalyst. At present, compared with noble metal‐based catalysts, such as Pt‐based catalysts, atomically dispersed metal–nitrogen–carbon (M–N–C) catalysts are popularity and show great potential in maximizing active site density, high atom utilization and high activity, making them the first choice to replace Pt‐based catalysts. In the preparation of atomically dispersed metal–nitrogen–carbon catalyst, it is difficult to ensure that all active sites are uniformly dispersed, and the structure system of the active sites is not optimal. Based on this, we focus on various approaches for preparing M–N–C catalysts that are conducive to atomic dispersion, and the influence of the chemical environmental regulation of atoms on the catalytic sites in different catalysts. Therefore, we discuss the chemical environmental regulation of the catalytic sites by bimetals, atom clusters, and heteroatoms (B, S, and P). The active sites of M–N–C catalysts are explored in depth from the synthesis and characterization, reaction mechanisms, and density functional theory (DFT) calculations. Finally, the existing problems and development prospects of the current atomic dispersion M–N–C catalyst are proposed in detail.