In the domain of novel catalyst design and application, metal phosphides have attracted widespread interest due to their unique electronic structure and potential catalytic activity. Various types of supports that can effectively anchor metal phosphides have been reported, among which MXene have received significant attention due to their two‐dimensional (2D) structure, adjustable composition, and composite variability. This work mainly aims to elucidate the preparation of novel MXene carriers and their unique roles in loading metal phosphides and participating in catalytic reactions. We will clarify the preparation strategy of MXene, the interaction between metal phosphides and MXene carriers, to explain the stabilization of metal phosphide active sites and the rational adjustment of electronic structure. In addition, we will comprehensively summarize recent research progress of MXene‐based metal phosphide composites, with particular emphasis on advancements in the synergistic effect of heterostructures. Regarding applications, we review the utilization of MXene‐based metal phosphide composites in electrocatalysis, including hydrogen evolution reaction (HER), oxygen evolution reaction (OER), and oxygen reduction reaction (ORR). Finally, some fundamental challenges and prospects for the efficient electrocatalysis of MXene‐based metal phosphide composites are introduced.