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Alkaline water electrolysis (AWE) is key to large‐scale green hydrogen production. Its advancement relies on developing efficient, stable, and low‐cost electrocatalysts to overcome the kinetic bottlenecks of the hydrogen evolution reaction (HER) and the oxygen evolution reaction (OER). Meanwhile, gas bubble management is equally vital to reducing mass transport resistance and improving energy efficiency at high current densities. This review systematically outlines AWE technology and electrolyzer structure, and then delves into recent advances in alkaline HER, OER, and bifunctional catalysts. This encompasses noble metal‐based catalysts, transition metal compounds, nonmetallic carbon‐based materials, and emerging high‐entropy catalysts. Key strategies include nanostructuring, alloying, heterostructure construction, defect engineering, heteroatom doping, interface engineering, and 3D array structure design for superaerophobicity and bubble detachment. These regulate the electronic structure and surface microenvironment to optimize adsorption energy, reduce overpotential, increase current density, and enhance stability. Finally, the review addresses challenges and future directions for AWE catalysts, focusing on industrial pathways, aiming to provide theoretical and technical insights for designing high‐performance water electrolysis catalysts.
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