Proton exchange membrane (PEM) water electrolyzers hold great significance for renewable energy storage and conversion. The acidic oxygen evolution reaction (OER) is one of the main roadblocks that hinder the practical application of PEM water electrolyzers. Highly active, cost‐effective, and durable electrocatalysts are indispensable for lowering the high kinetic barrier of OER to achieve boosted reaction kinetics. To date, a wide spectrum of advanced electrocatalysts has been designed and synthesized for enhanced acidic OER performance, though Ir and Ru based nanostructures still represent the state‐of‐the‐art catalysts. In this Progress Report, recent research progress in advanced electrocatalysts for improved acidic OER performance is summarized. First, fundamental understanding about acidic OER including reaction mechanisms and atomic understanding to acidic OER for rational design of efficient electrocatalysts are discussed. Thereafter, an overview of the progress in the design and synthesis of advanced acidic OER electrocatalysts is provided in terms of catalyst category, i.e., metallic nanostructures (Ir and Ru based), precious metal oxides, nonprecious metal oxides, and carbon based nanomaterials. Finally, perspectives to the future development of acidic OER are provided from the aspects of reaction mechanism investigation and more efficient electrocatalyst design. The acidic oxygen evolution reaction is the key to realizing the application of proton‐exchange membrane water electrolyzers. The most recent advances in advanced electrocatalysts for enhancing the acidic oxygen evolution reaction, including Ir‐based, Ru‐based, nonprecious‐metal‐based, and carbon‐based nanostructures, are comprehensively summarized. The strategies summarized are of benefit for more advanced electrocatalysts design.