Multivalent metal‐ion hybrid capacitors (MMHCs) have drawn much attention in recent years because of their advantages of high energy density (similar to metal‐ion batteries) as well as high power density, high rate capability, and ultra‐long cycle life. However, there are still challenges in developing high‐performance MMHCs, e. g., high‐capacity capacitive materials are particularly needed to be developed to match high‐energy battery‐type electrodes. Therefore, designing novel electrode materials and exploring suitable electrolytes are of particular importance. Herein, we focus on the recent progress of MMHCs in relation to their cathode/anode materials, electrolytes, electrochemical properties, and energy storage mechanisms. Additionally, the current challenges or bottlenecks and future research trends regarding MMHCs are summarized. This review provides a comprehensive understanding of the research framework of MMHCs and will be beneficial in the development of high‐performance MMHC devices.