Rhodium (Rh) is a non‐toxic transition metal used as various nanomaterials with unique structures and properties. Rh‐based nanozymes can mimic the activities of natural enzymes, overcome the limitation of the application scope of natural enzymes, and interact with various biological microenvironments to play a variety of functions. Rh‐based nanozymes can be synthesized in various ways, and different modification and regulation methods can also enable users to control catalytic performance by adjusting enzyme active sites. The construction of Rh‐based nanozymes has attracted great interest in the biomedical field and impacted the industry and other areas. This paper reviews the typical synthesis and modification strategies, unique properties, applications, challenges, and prospects of Rh‐based nanozymes. Next, the unique features of Rh‐based nanozymes are emphasized, including adjustable enzyme‐like activity, stability, and biocompatibility. In addition, we discuss Rh‐based nanozymes biosensors and detection, biomedical therapy, and industrial and other applications. Finally, the future challenges and prospects of Rh‐based nanozymes are proposed.