Intermediate‐temperature proton ceramic fuel cells (PCFCs)–a promising power generation technology–have attracted significant attention in recent years because of their unique advantages over conventional high‐temperature solid oxide fuel cells and low‐temperature proton exchange membrane fuel cells. The cathodes of PCFCs simultaneously require efficient channels for proton, oxide‐ion, and electron transfer; therefore, designing and engineering cathode materials with tailorable H+, O2−, and e− conductivities are crucial for improving PCFC performance. Despite significant efforts and critical progress in this field, exploring the desired cathode materials remains challenging. This review provides a comprehensive and critical overview of oxide materials for PCFC cathodes, particularly triple H+/O2−/e− conductors. Their proton uptake, conduction mechanisms, and structure–property relationships are focused on to guide future material design. In addition, the electrochemical performance of these cathode materials in PCFCs is discussed and the electrochemical performance gaps among PCFCs with different types of cathode materials are defined. Finally, perspectives on the development of high‐performance PCFCs are proposed.