Hydrogen is a clean and renewable energy carrier for powering future transportation and other applications. Water electrolysis is a promising option for hydrogen production from renewable resources such as wind and solar energy. To date, tremendous efforts have been devoted to the development of electrocatalysts and membranes for water electrolysis technology. In principle, water electrolysis in acidic media has several advantages over that in alkaline media, including favorable reaction kinetics, easy product separation, and low operating pressure. However, acidic water electrolysis poses higher requirements for the catalysts, especially the ones for the oxygen evolution reaction. It is a grand challenge to develop highly active, durable, and cost‐effective catalysts to replace precious metal catalysts for acidic water oxidation. In this article, an overview is presented of the latest developments in design and synthesis of electrocatalysts for acidic water oxidation, emphasizing new strategies for achieving high electrocatalytic activity while maintaining excellent durability at low cost. In particular, the reaction pathways and intermediates are discussed in detail to gain deeper insight into the oxygen evolution reaction mechanism, which is vital to rational design of more efficient electrocatalysts. Further, the remaining scientific challenges and possible strategies to overcome them are outlined, together with perspectives for future‐generation electrocatalysts that exploit nanoscale materials for water electrolysis.