Developing high‐energy‐density electrodes for lithium ion batteries (LIBs) is of primary importance to meet the challenges in electronics and automobile industries in the near future. Conversion reaction‐based transition metal oxides are attractive candidates for LIB anodes because of their high theoretical capacities. This review summarizes recent advances on the development of nanostructured transition metal oxides for use in lithium ion battery anodes based on conversion reactions. The oxide materials covered in this review include oxides of iron, manganese, cobalt, copper, nickel, molybdenum, zinc, ruthenium, chromium, and tungsten, and mixed metal oxides. Various kinds of nanostructured materials including nanowires, nanosheets, hollow structures, porous structures, and oxide/carbon nanocomposites are discussed in terms of their LIB anode applications. Conversion reaction‐based oxides are considered promising anode materials to replace graphite due to their high theoretical capacity. This review summarizes recent advances in the development of nanostructured transition metal oxides for use in lithium ion battery anodes based on conversion reactions. Moreover, some important aspects and future directions for designing high‐performance anodes are discussed.