Three‐way catalysts are widely used to control criterion pollutant emissions from the increasing gasoline engines. With the stringent requirements of automotive pollutant emission standards in various countries, Rh has become an irreplaceable component of three‐way catalysts due to its superior NOx elimination, high N2 selectivity, and simultaneous elimination of CO and hydrocarbons. In this review, we systematically review the recent development of Rh‐based three‐way catalysts in terms of potential supports and effective active center construction strategies. We further summarize the key role of Rh metal in the three‐way catalytic mechanism and reaction kinetics. Finally, we conclude the current challenges and future opportunities facing Rh‐based catalysts. It is believed that based on the deep understanding of Rh‐based three‐way catalysts, the design of Rh‐based catalysts with good low‐temperature catalytic performance and low cost is expected to be realized in the future.