Facing with serious carbon emission issues, the production of green H2 from electrocatalytic hydrogen evolution reaction (HER) has received extensive research interest. Almost all kinds of noble metal phosphides (NMPs) consisting of Pt‐group elements (i.e., Ru, Rh, Pd, Os, Ir and Pt) are all highly active and pH‐universal electrocatalysts toward HER. In this review, the recent progress of NMP‐based HER electrocatalysts is summarized. It is further take typical examples for discussing important impact factors on the HER performance of NMPs, including crystalline phase, morphology, noble metal element and doping. Moreover, the synthesis and HER application of hybrid catalysts consisting of NMPs and other materials such as transition metal phosphides, oxides, sulfides and phosphates, carbon materials and noble metals is also reviewed. Reducing the use of noble metal is the key idea for NMP‐based hybrid electrocatalysts, while the expanded functionality and structure‐performance relationship are also noticed in this part. At last, the potential opportunities and challenges for this kind of highly active catalyst is discussed.