To tackle the global energy scarcity and environmental degradation, developing efficient electrocatalysts is essential for achieving sustainable hydrogen production via water splitting. Modulating the d‐band center of transition metal electrocatalysts is an effective approach to regulate the adsorption energy of intermediates, alter reaction pathways, lower the energy barrier of the rate‐determining step, and ultimately improve electrocatalytic water splitting performance. In this review, a comprehensive overview of the recent advancements in modulating the d‐band center for enhanced electrocatalytic water splitting is offered. Initially, the basics of the d‐band theory are discussed. Subsequently, recent modulation strategies that aim to boost electrocatalytic activity, with particular emphasis on the d‐band center as a key indicator in water splitting are summarized. Lastly, the importance of regulating electrocatalytic activity through d‐band center, along with the challenges and prospects for improving electrocatalytic water splitting performance by fine‐tuning the transition metal d‐band center, are provided.