Rhodium (Rh) is well‐known for its catalytic application in diverse industrial reactions such as methane conversion, hydrogen generation, and olefin hydroformylation. Compared to homogeneous catalysts, heterogeneous Rh‐based nanocatalysts are facilely separated and collected after reactions, thus being more compatible for industrialization. To this end, the development of active and stable heterogeneous Rh‐based catalysts has received everlasting interest. In this review, we focus on the synthesis and catalytic application of Rh‐based nanocatalysts for heterogeneous catalysis. Recent efforts in the design and fabrication of Rh‐based nanocatalysts are highlighted. Various synthetic strategies and protocols for shape‐controlled synthesis of Rh‐based nanocrystals and supported Rh‐based nanocatalysts are overviewed. In addition, we introduce methane conversion, hydrogen generation, and olefin hydroformylation as three typical catalytic applications of the Rh‐based nanocatalysts, and provide insights into the catalytic mechanisms involved. The remaining challenges and future prospects for the Rh‐based heterogeneous nanocatalysts are also discussed. This review offers a guideline for future research on Rh‐based nanocatalysts for heterogeneous catalysis.