Electrochemical water splitting is a clean and sustainable process for hydrogen production on a large scale as the electrical power required can be obtained from various renewable energy resources. The key challenge in electrochemical water splitting process is to develop low‐cost electrocatalysts with high catalytic activity for the hydrogen evolution reaction (HER) on the cathode and the oxygen evolution reaction (OER) on the anode. OER is the most important half‐reaction involved in water splitting, which has been extensively studied since the last century and a large amount of electrocatalysts including noble and non‐noble metal‐based materials have been developed. Among them, transition metal borides and borates (TMBs)‐based compounds with various structures have attracted increasing attention owing to their excellent OER performance. In recent years, many efforts have been devoted to exploring the OER mechanism of TMBs and to improving the OER activity and stability of TMBs. In this review, recent research progress made in TMBs as efficient electrocatalysts for OER is summarized. The chemical properties, synthetic methodologies, catalytic performance evaluation, and improvement strategy of TMBs as OER electrocatalysts are discussed. The electrochemistry fundamentals of OER are first introduced in brief, followed by a summary of the preparation and performance of TMBs‐based OER electrocatalysts. Finally, current challenges and future directions for TMBs‐based OER electrocatalysts are discussed.