Graphdiyne (GDY), a rising star of 2D carbon allotropes with one‐atom‐thick planar layers, has achieved the coexistence of sp‐ and sp2‐hybridized carbon atoms in a 2D planar structure. In contrast to the prevailing carbon allotropes, GDY possesses Dirac cone structures, which endow it with unique chemical and physical properties, including an adjustable inherent bandgap, high‐speed charge carrier transfer efficiency, and excellent conductivity. Additionally, GDY also displays great potential in photocatalysis, rechargeable batteries, solar cells, detectors, and especially electrocatalysis. In this work, various GDY‐supported electrocatalysts are described and the reasons why GDY can act as a novel support are analyzed from the perspective of molecular structure, electronic properties, mechanical properties, and stability. The various electrochemical applications of GDY‐supported electrocatalysts in energy conversion such as hydrogen evolution reaction, oxygen evolution reaction, oxygen reduction reaction, overall water splitting, and nitrogen reduction reaction are reviewed. The challenges facing GDY and GDY‐based materials in future research are also outlined. This review aims at providing an in‐depth understanding of GDY and promoting the development and application of this novel carbon material.