Highly conductive anion exchange membranes (AEMs) are one of the few requirements to produce high power during fuel cell operation and for efficient hydrogen production through water electrolysis. The use of chemically stable and cheap AEMs with platinum group metal (PGM)‐free catalysts is suitable for reducing the overall cost of hydrogen production and fuel cell operation. The in situ durability of anion exchange membrane fuel cells (AEMFCs) and anion exchange membrane water electrolyzers (AEMWEs) for several hundred hours is necessary for the widespread application of fuel cell and water electrolysis technologies. This Minireview highlights the best results reported recently in alkaline membrane fuel cells and water electrolysis. The achievable AEMFCs performances are noteworthy using Pt‐free anode and cathode electrocatalysts. Remarkable durability in AEMFCs is witnessed, although the durability is a concern for AEMWEs. Moreover, the current challenges and future directions of AEMFCs and AEMWEs are briefly summarized.