The conversion of solar energy into fuels and, specifically hydrogen, is a critical process for ensuring the sustainability of the future energy system. Among the different ways of converting solar energy into fuels and chemicals, photoelectrochemical tandem cells, containing two photoactive materials, stand out as they have the potential for direct solar‐to‐fuel conversion, thus minimizing cost. The implementation of photoelectrolysis for hydrogen generation is hindered by the lack of suitable electrode materials, particularly photocathodes. Among the candidates for photocathodes, ternary (and multinary) transition metal oxides have the advantage of lower cost and, potentially, higher stability than other metal compounds. Herein, the aim is to provide an overview of the current state of the art for ternary oxides (spinels, delafossites, perovskites, etc.), with a focus on the modification strategies that can optimize their behavior and applicability. Both copper‐based and iron‐based ternary oxides are the most studied and, currently, the most promising. Among the strategies being used for their optimization, doping, the deposition of underlayers and overlayers, and the use of cocatalysts are the most popular. However, it is apparent that both solar‐to‐hydrogen efficiencies and stability will need to be addressed in the future. Some guidelines in this respect are also provided.