Lithium‐rich manganese‐based (LRM) cathode materials have recently gained increasing attention for their remarkable reversible capacity of up to 378 mAh g−1. However, the development of these materials is hindered by several challenges, including oxygen deficiency, migration of transition metal ions, and structural changes from lamellar to spinel phases. As a result, these limitations result in a low initial Coulomb efficiency, capacity/voltage decay, and inadequate cycle life. To address these issues, the modification of layered lithium‐rich materials proves to be an effective approach. In this review, the structure and electrochemical properties of layered LRM materials are introduced and various systematic modification strategies are discussed. Herein, the current state and future prospects of several strategies such as doping, surface coating, and structure control are delved into. Furthermore, development ideas for achieving high‐capacity and long‐cycle‐layered LRM cathode materials are presented.