Aqueous zinc–iodine batteries are considered to be one of the most promising devices for future electrical energy storage due to their low cost, high safety, high theoretical specific capacity, and multivalent properties. However, the shuttle effect currently faced by zinc–iodine batteries causes the loss of cathode active material and corrosion of the zinc anodes, limiting the large-scale application of zinc–iodine batteries. In this paper, the electrochemical processes of iodine conversion and the zinc anode, as well as the induced mechanism of the shuttle effect, are introduced from the basic configuration of the aqueous zinc–iodine battery. Then, the inhibition strategy of the shuttle effect is summarized from four aspects: the design of cathode materials, electrolyte regulation, the modification of the separator, and anode protection. Finally, the current status of aqueous zinc–iodine batteries is analyzed and recommendations and perspectives are presented. This review is expected to deepen the understanding of aqueous zinc–iodide batteries and is expected to guide the design of high-performance aqueous zinc–iodide batteries.