Hydrogen is a clean, flexible, powerful energy vector that can be leveraged as a promising alternative to fossil fuels. Additionally, green hydrogen production has been recognized as one of the most prevalent solutions to decarbonize the energy system. Water electrolysis studies have increased throughout the decade as higher industrial interest comes into play. The catalyst, system design, and configuration act in a congenial manner to deliver high‐performing water electrolysis. Despite performance targets peaking at high current densities, the current status of water electrolyzer technologies would require more research efforts to achieve such goals. This work presents a comprehensive review of how catalysts and electrolyzer designs can be enhanced to attain high current density water electrolysis. Modification strategies of catalysts, advances in characterization and modelling, and optimizing system designs are highlighted. Furthermore, this paper aims to elucidate the future research direction of water electrolysis to bridge the laboratory‐to‐industry gap.