The research of new electrode materials is vital, among which anode materials have a significant role in the improvement of the overall energy density of batteries. Phosphorus‐based anode materials show tremendous potential in the exploration of anode materials due to their high theoretical capacity, natural abundance, and environmental friendliness. In this review, we sum up the latest research progress of red phosphorus‐based, black phosphorus‐based, and transition metal phosphide‐based anode materials for lithium‐ion batteries (LIBs) and sodium‐ion batteries (SIBs). The features of the phosphorus‐based materials, the preparation methods, and the advantages/disadvantages are introduced, as well as the electrochemical storage mechanism of LIBs and SIBs. On this basis, the problems of phosphorus‐based anode materials are considered and analyzed in depth. and improvement strategies are proposed. Finally, the directions that phosphorus‐based materials will take in the future are examined. This paper is intended to advance knowledge of phosphorus‐based anode materials among researchers and to offer some recommendations for using such materials in LIBs and SIBs.