The design and development of advanced electrode materials for high‐performance rechargeable batteries have been subjected to extensive studies. Very recently, two‐dimensional (2 D) nanomaterials have become promising candidates for batteries, owing to their unique physicochemical properties. In particular, MXenes and phosphorene, which exhibit tailored electrical conductivity and ion storage capability, have attracted increasing attention. This Review presents a comprehensive summary of recent advances in the development of 2 D MXenes and phosphorene as electrode materials for high‐performance batteries. Their physicochemical properties, including structural configurations and electronic properties of MXenes and direct band gap and anisotropic properties of phosphorene, are firstly discussed. Then, synthesis methods of the two materials are introduced. Thereafter, their applications as electrode materials in batteries, including lithium‐ion batteries (LIBs), sodium‐ion batteries (SIBs), potassium‐ion batteries (PIBs), lithium–sulfur (Li–S) batteries, and metal–air batteries, are summarized and discussed in detail. An emphasis is placed on analyzing performance enhancement mechanisms to elucidate fundamental understanding. Finally, future challenges and opportunities for MXenes and phosphorene as electrode materials for batteries are considered.