Germanium‐based materials are arousing increasing interest as anodes for lithium‐ion batteries, stemming from the intrinsic physical and chemical advantages of germanium. This progress report provides a brief review on the current development of germanium‐based materials in lithium storage. The state‐of‐the‐art strategies to achieve enhanced electrochemical properties are highlighted, with their main aim being to resolve the trickiest issue: vast volume changes in germanium during cycling. These strategies include structural modification, modification by surface coating, forming germanium‐based alloys, and forming binary or ternary germanium‐based composites. The recent work on a novel composite of germanium and tin particles encapsulated in double‐concentric carbon hollow spheres is also presented here, with an emphasis on the relationship between structural design and improved performance.