Water splitting driven by renewable energy is considered to be a promising approach for sustainable H2 production. However, the simultaneous generation of H2 and O2 requires the use of a membrane to prevent the gas mixing, which significantly limits the flexibility of H2/O2 separation and H2 transportation, impeding the direct use of renewable sources. In recent years, the concept of decoupled water electrolysis has been proposed along with the utilization of solid‐state redox mediators, by which the H2 and O2 generated at different times and spaces could be separated in absence of membrane. Here, a comprehensive overview of the decoupled water electrolysis using solid‐state redox mediators (SRMs) is presented. After a brief introduction, the SRMs are systematically summarized, including the structural features, the reaction mechanisms, and the properties of decoupled systems. In addition, the coupling of decoupled hydrogen production with other valuable reactions is also involved. Finally, this work discusses the challenges and perspectives for the decoupled water splitting system for commercialization and sustainable H2 production.