Electrocatalysis is the most important electrode reactions for many energy storage and conversion devices, which are considered a key part of the resolution of the energy crisis. Toward this end, design of efficient electrocatalysts is of critical significance. While extensive research has been extended to develop excellent electrocatalysts, the fundamental understanding of the relationship between the electronic and structural properties of electrocatalysts and the catalytic activity must remain a priority. In this review, the activity modulation of electrocatalysts by charge transfer effects, including intramolecular and intermolecular charge transfer, is systematically introduced. With suitable charge transfer modification, such as heteroatom doping, defect engineering, molecule functionalization, and heterojunctions, the electrocatalytic activity of carbon‐based electrocatalysts can be significantly boosted. The manipulation of the electronic structure of carbon‐based materials by charge transfer may serve as a fundamental mechanism for performance enhancement. After establishing an understanding of the relationship between catalytic activity and charge transfer, the opportunities and challenges for the design of electrocatalyst with charge transfer effects are discussed.