Electrochemical water splitting for sustainable hydrogen and oxygen production have shown enormous potentials. However, this method needs low‐cost and highly active catalysts. Traditional nano catalysts, while effective, have limits since their active sites are mostly restricted to the surface and edges, leaving interior surfaces unexposed in redox reactions. Single atom catalysts (SACs), which take advantage of high atom utilization and quantum size effects, have recently become appealing electrocatalysts. Strong interaction between active sites and support in SACs have considerably improved the catalytic efficiency and long‐term stability, outperforming their nano‐counterparts. This review‘s first section examines the Hydrogen Evolution Reaction (HER) and the Oxygen Evolution Reaction (OER). In the next section, SACs are categorized as noble metal, non‐noble metal, and bimetallic synergistic SACs. In addition, this review emphasizes developing methodologies for effective SAC design, such as mass loading optimization, electrical structure modulation, and the critical role of support materials. Finally, Carbon‐based materials and metal oxides are being explored as possible supports for SACs. Importantly, for the first time, this review opens a discussion on waste‐derived supports for single atom catalysts used in electrochemical reactions, providing a cost‐effective dimension to this vibrant research field. The well‐known design techniques discussed here may help in development of electrocatalysts for effective water splitting.