Sodium manganese‐based oxides (NMO) are attracting huge attention as safe and cost‐effective cathode materials for sodium‐ion batteries (SIBs). To date, one of the most important challenges of NMO‐based cathodes is the relatively low capacity. Therefore, it is of great significance to develop high‐capacity NMO‐based cathodes. Great efforts have been made to enhance the reversible capacity of NMO‐based cathodes, achieving considerable progress not only on electrochemical performance, but also the mechanism of massive sodium ion storage. In this paper, the structure and sodium storage mechanism for typical phases of NMO are reviewed, including P2, P3, O3, tunnel‐type, and spinel‐type NMO‐based cathodes. Strategies for high‐capacity NMO‐based cathodes, such as cationic substitution, anion redox activation, etc are introduced in detail. Last but not least, the future opportunities and challenges for high‐capacity NMO‐based cathode are prospected.