Lithium shortage and the growing demand for electricity storage has encouraged researchers to look for new alternative energy‐storage materials. Due to abundant potassium resources, similar redox potential to lithium metal, and low cost, potassium‐ion batteries (PIBs), as one of the promising alternatives, have been applied in energy‐storage research recently. However, PIBs do not have adequate competition in their electrochemical efficiency because the molar volume of potassium ions is higher than those in lithium and sodium ions. Therefore, for better application and development of PIBs, finding suitable anode and cathode materials is currently the most important task. The latest developments in electrode materials for PIBs have been outlined in depth in this review. It focuses on the structural design and synthetic methods for novel electrode materials, ingenious optimization and tuning strategies, and explains the intrinsic reaction mechanism. The effects of organic electrolytes and aqueous electrolytes on battery systems are compared and clarified. Finally, theoretical and viable insights are given to the challenges posed by the creation and practical application of PIBs in the future.