Lithium‐ion batteries (LIBs) with high energy density, long cycle life and safety have earned recognition as outstanding energy storage devices, and have been used in extensive applications, such as portable electronics and new energy vehicles. However, traditional graphite anodes deliver low specific capacity and inferior rate performance, which is difficult to satisfy ever‐increasing demands in LIBs. Very recently, two‐dimensional metal phosphides (2D MPs) emerge as the cutting‐edge materials in LIBs due to their overwhelming advantages including high theoretical capacity, excellent conductivity and short lithium diffusion pathway. This review summarizes the up‐to‐date advances of 2D MPs from typical structures, main synthesis methods and LIBs applications. The corresponding lithium storage mechanism, and relationship between 2D structure and lithium storage performance is deeply discussed to provide new enlightening insights in application of 2D materials for LIBs. At last, several potential challenges and inspiring outlooks are highlighted to serve guidance for the future research and applications of 2D MPs.