Silicon monoxide (SiO) has been explored and confirmed as a promising anode material of lithium‐ion batteries. Compared with pure silicon, SiO possesses a more stable microstructure which makes better comprehensive electrochemical properties. However, the lithiation mechanism remains in dispute, and problems such as poor cyclability, unsatisfactory electrical conductivity, and low initial Coulombic efficiency (ICE) need to be addressed. Additionally, more attention needs to be paid on the internal relationship between electrochemical performances and structures. In this review, the different preparation processes, the derived microstructure of the SiOx, the corresponding lithiation mechanism, and electrochemical properties are summarized. Researches about disproportionation reaction which is regarded as a key point and other modifications are systematically introduced. Closely linked with structure, the advantages and disadvantages of various SiOx anode materials are summarized and analyzed, and the possible directions toward the practical applications of SiOx anode material are presented. In a word, from the preparation and reaction mechanism of the material to the modifications and future development, a complete and systematical review on SiOx anode is presented. Silicon monoxide (SiO) is researched and applied as a promising anode material for lithium‐ion batteries (LIBs). It is started from the preparation and microstructure of SiO, and modification is introduced including disproportionation, constructing composites, design of microstructure, different binders, and prelithiation. Also, the advantages and disadvantages are discussed from the perspective of practical application.