The utilization of anion exchange membranes (AEMs) has revolutionized the field of electrochemical applications, particularly in water electrolysis and fuel cells. This review paper provides a comprehensive analysis of recent studies conducted on various commercial AEMs, including FAA3-50, Sustainion, Aemion™, XION Composite, and PiperION™ membranes, with a focus on their performance and durability in AEM water electrolysis (AEMWE) and AEM fuel cells (AEMFCs). The discussed studies highlight the exceptional potential of these membranes in achieving high current densities, stable operation, and extended durability. Furthermore, the integration of innovative catalysts, such as nitrogen-doped graphene and Raney nickel, has demonstrated significant improvements in performance. Additionally, the exploration of PGM-free catalysts, such as Ag/C, for AEMFC cathodes has unveiled promising prospects for cost-effective and sustainable fuel cell systems. Future research directions are identified, encompassing the optimization of membrane properties, investigation of alternative catalyst materials, and assessment of performance under diverse operating conditions. The findings underscore the versatility and suitability of these commercial AEMs in water electrolysis and fuel cell applications, paving the way for the advancement of efficient and environmentally benign energy technologies. This review paper serves as a valuable resource for researchers, engineers, and industry professionals seeking to enhance the performance and durability of AEMs in various electrochemical applications.