Transition metal compounds (TMCs) are potentially fruitful substitutes for noble metals for electrocatalytic splitting of water due to their intrinsic electrocatalytic activity, modifiable morphology, tunable electronic structure and their earth‐abundance. The combination of TMCs with graphene improves the dispersion of loaded catalysts, providing more catalytic active sites, enhancing the conductivity of hybrids, affording accelerated charge‐transfer kinetics, and minimizing catalyst bleaching, aggregation, and sintering under harsh reaction conditions. Additionally, graphene incorporation into TMCs modulates the electronic structure of active centers because of the synergistic interaction between them, thereby improving their catalytic performance. This review paper focuses on the recent progress made in designing different graphene‐transition metal‐based materials that can be used in the hydrogen evolution reaction (HER), the oxygen evolution reaction (OER), and overall water splitting (OWS). In‐situ characterization methodologies and DFT calculations that facilitate catalyst development are discussed elaborately. Finally, the advancements made in the development of graphene‐supported transition metal compounds for use in a functional water electrolyzer have been explored. In conclusion, a few specific recommendations have been made about the current challenges related to the widespread production of effective HER/OER electrocatalysts for water electrolysis.