Population growth, urbanization, and decarbonization efforts are collectively straining the supply of limited resources that are necessary to produce batteries, electronics, chemicals, fertilizers, and other important products. Securing the supply chains of these critical resources via the development of separation technologies for their recovery represents a major global challenge to ensure stability and security. Surface water, groundwater, and wastewater are emerging as potential new sources to bolster these supply chains. Recently, a variety of material‐based technologies have been developed and employed for separations and resource recovery in water. Judicious selection and design of these materials to tune their properties for targeting specific solutes is central to realizing the potential of water as a source for critical resources. Here, the materials that are developed for membranes, sorbents, catalysts, electrodes, and interfacial solar steam generators that demonstrate promise for applications in critical resource recovery are reviewed. In addition, a critical perspective is offered on the grand challenges and key research directions that need to be addressed to improve their practical viability.