This review paper presents the most recent research progress on carbon-based composite electrocatalysts for the oxygen evolution reaction (OER), which are of interest for application in low temperature water electrolyzers for hydrogen production. The reviewed materials are primarily investigated as active and stable replacements aimed at lowering the cost of the metal electrocatalysts in liquid alkaline electrolyzers as well as potential electrocatalysts for an emerging technology like alkaline exchange membrane (AEM) electrolyzers. Low temperature electrolyzer technologies are first briefly introduced and the challenges thereof are presented. The non-carbon electrocatalysts are briefly overviewed, with an emphasis on the modes of action of different active phases. The main part of the review focuses on the role of carbon–metal compound active phase interfaces with an emphasis on the synergistic and additive effects. The procedures of carbon oxidative pretreatment and an overview of metal-free carbon catalysts for OER are presented. Then, the successful synthesis protocols of composite materials are presented with a discussion on the specific catalytic activity of carbon composites with metal hydroxides/oxyhydroxides/oxides, chalcogenides, nitrides and phosphides. Finally, a summary and outlook on carbon-based composites for low temperature water electrolysis are presented.