Hydrogen storage in solid‐state materials represents a highly promising avenue for advancing hydrogen storage technologies, driven by their potential for high efficiency, reduced risk, and cost‐effectiveness. Among these materials, magnesium borohydride (Mg(BH4)2), hereafter denoted as MBH, stands out for its exceptional characteristics, boasting a gravimetric capacity of 14.9 wt% and a volumetric hydrogen density capacity of 146 kg/m3. However, the practical application of MBH is impeded by challenges such as high desorption temperatures (≥ 270°C), sluggish kinetics, poor reversibility, and the formation of unexpected byproducts like diborane. To meet these, extensive research efforts have been directed towards enhancing the hydrogen storage properties of MBH. This review provides a comprehensive survey of recent advancements in MBH research, with a particular focus on experimental findings related to nanoconfined MBH and modified thermodynamic processes aimed at enabling hydrogen release at lower temperatures by mitigating sluggish kinetics. Specifically, nanostructuring techniques, catalyst‐mediated nanoconfinement methodologies, and alloy/compositional modifications will be elucidated, highlighting their potential to enhance hydrogen storage properties and overcome existing limitations. Furthermore, this review discusses the challenges encountered in the utilization of MBH for hydrogen storage applications and offers insights into the future prospects of this material.