Electrochemical splitting of water for hydrogen generation has emerged as a potential strategy for transitioning towards renewable energy sources and mitigating the environmental impact of fossil fuel dependence. However, the efficiency of water splitting is mainly hindered by oxygen evolution reaction (OER) at the anode side, which involves kinetically sluggish four proton‐coupled electron‐transfer steps. Recent studies on OER demonstrate that a spin‐dependent mechanism governs the reaction kinetics, wherein the electronic exchange interactions in the catalytic activity of transition metals can provide a spin‐selective channel to filter out electron spins with the right orientation during the formation of O2. Maximizing efficiency and stability of such catalysts require optimization the geometric and electrical structures of transition metal systems. In addition, it is vital to understand the OER mechanism with spin considerations to be familiar with the connection between spin, charge, orbital, and lattice characteristics. This review focuses on current developments in understanding and the use of the spin‐related effect in the OER mechanism.