Low‐cost and resourceful transition metal phosphides (TMPs) have gradually received wide acceptance in the energy industry through exhibiting comparable catalytic activity and long‐term stability to traditional catalysts (e.g., Pt/C, LiCoO2, LiFePO4, etc.). With the emergence of the research hotspot of TMPs, probing their mechanism of catalytic energy conversion and storage inspired by the superb structure of metal‐phosphorus chelate is of great significance. To this end, recent developments in TMPs with various crystal structures and morphologies have attracted much attention. The design of TMPs ranging from the choice of different transition metals to phosphorus sources has been intensively explored. This research has indicated that multidimensional morphologies of TMPs prominently enrich the patterns of charge storage and electron transportation, and ultra‐nanoscaled TMPs obtained by multiple tools and techniques might challenge the threshold of electrocatalytic reactions. Here, recent developments in synthetic strategies of TMPs from different precursors are classified. The underlying mechanism between the structural and crystallographic characteristics and the tuned properties of TMPs in energy applications is also presented. Additionally, the key trends in structure and morphology characterization of TMPs are highlighted. Future perspectives on the challenges and opportunities facing TMPs catalysts are thereby proposed.