Hybrid metal‐ion capacitors (MICs) (M stands for Li or Na) are designed to deliver high energy density, rapid energy delivery, and long lifespan. The devices are composed of a battery anode and a supercapacitor cathode, and thus become a tradeoff between batteries and supercapacitors. In the past two decades, tremendous efforts have been put into the search for suitable electrode materials to overcome the kinetic imbalance between the battery‐type anode and the capacitor‐type cathode. Recently, some transition‐metal compounds have been found to show pseudocapacitive characteristics in a nonaqueous electrolyte, which makes them interesting high‐rate candidates for hybrid MIC anodes. Here, the material design strategies in Li‐ion and Na‐ion capacitors are summarized, with a focus on pseudocapacitive oxide anodes (Nb2O5, MoO3, etc.), which provide a new opportunity to obtain a higher power density of the hybrid devices. The application of Mxene as an anode material of MICs is also discussed. A perspective to the future research of MICs toward practical applications is proposed to close. Hybrid metal‐ion capacitors are found to deliver high energy density and rapid energy delivery. The material design strategies particularly in pseudocapacitive oxide anodes in Li‐ion and Na‐ion capacitors (LICs and NICs) are systematically discussed. A perspective on the challenges and opportunities of LIC and NIC devices is also presented.