Metal‐organic frameworks (MOFs) have attracted considerable attention as promising next‐generation active electrode materials for lithium‐ion batteries (LIBs) or sodium‐ion batteries (SIBs) because of ultrahigh specific surface area, uniformly distributed pores, and tunable structure. However, there are some disadvantages inevitably far from meeting commercial requirements, such as low conductivity, inconvenient electron transmission, and unsatisfactory circulation stability. In this review, a comprehensive summary of MOFs‐based electrode materials is presented and discussed. First, the general Li+/Na+ storage mechanism in MOFs‐based electrode materials, including conversion‐ and insertion‐type reactions, are summarized with details of active inorganic/organic ligands. Second, MOFs as anode materials for LIBs/SIBs are emphasized and improved on the electrochemical performances. Furthermore, very few research literature on MOFs‐based cathode materials is also discussed. Finally, opinions and prospects on the current challenge of MOFs‐based electrode materials are provided for future research directions.