ZnCo2O4 has been attracted wide research attention as a promising anode material for lithium‐ion batteries (LIBs) in recent years based on its high theoretical specific capacity, low toxicity as well as stable chemical properties. However, the further large‐scale application of pristine ZnCo2O4 anode have been impeded because of its undesirable Li+ ion conductivity, low electronic conductivity, and finite stability of electrolytes at high potentials. Recently, optimizing the micro/nano structure, modification with carbonaceous materials, incorporation with metal oxides and constructing a binder‐free structure on conductive substrate for ZnCo2O4‐based materials have been verified as promising effective routes for solving the above problems. In this review, the recent advances in underlying reaction mechanisms, synthetic methods and strategies for improving the performance of ZnCo2O4 anodes are comprehensively summarized. The factors affecting the electrochemical properties of ZnCo2O4‐based materials are mainly discussed, and paths to promote the specific capacity and cyclic stability are proposed. Finally, several insights into the future developments, challenges, and prospects of ZnCo2O4‐based anode materials of LIBs are proposed.