Aqueous lithium‐ion batteries (ALIBs) are promising for large‐scale energy storage systems because of the cost‐effective, intrinsically safe, and environmentally friendly properties of aqueous electrolytes. Practical application is however impeded by interfacial side‐reactions and the narrow electrochemical stability window (ESW) of aqueous electrolytes. Even though higher electrolyte salt concentrations (e.g., water‐in‐salt electrolyte) enhance performance by widening the ESW, the nature and extent of side‐reaction processes are debated and more fundamental understanding thereof is needed. Herein, the interfacial chemistry of one of the most popular electrode materials, V2O5, for aqueous batteries is systematically explored by a unique set of operando analytical techniques. By monitoring electrode/electrolyte interphase deposition, electrolyte pH, and gas evolution, the highly dynamic formation/dissolution of V2O5/V2O4, Li2CO3 and LiF during dis‐/charge is demonstrated and shown to be coupled with electrolyte decomposition and conductive carbon oxidation, regardless of electrolyte salt concentration. The study provides deeper understanding of interfacial chemistry of active materials under variable proton activity in aqueous electrolytes, hence guiding the design of more effective electrode/electrolyte interfaces for ALIBs and beyond.