AbstractPotassium‐ion hybrid capacitors (PIHCs) overcome the limitations of potassium‐ion batteries (PIBs) and supercapacitors (SCs) and integrate the advantages of both, including high energy density, high power density, low cost, long cycle life, and stable electrochemical performance. However, the development of PIHCs is hindered by thermodynamic instability and kinetic hysteresis. Additionally, the dynamic mismatch between anode and cathode materials poses an urgent challenge. To this end, many research works related to material development have been dedicated to overcoming the drawbacks. In this review, the energy storage mechanism of PIHCs is briefly introduced. Moreover, the research progress and achievements of anode and cathode materials in recent years are reviewed, including carbon‐based materials, MXenes, transition metal materials, Prussian blue and its analogues. Finally, the challenges and prospects of PIHCs are proposed, together with guiding significant research directions in the future.