Alkaline metal‐ion batteries (AIBs) such as lithium‐ion batteries (LIBs), sodium‐ion batteries (NIBs), and potassium‐ion batteries (KIBs) are potential energy storage systems. Currently, although LIBs are widely used in consumer electronics and electric vehicles, the electrochemical performance, safety, and cost of current AIBs are still unable to meet the needs for many future applications, such as large‐scale energy storage, due to the low theoretical capacity of cathode/anode materials, flammability of electrolytes and limited Li resources. It is thus imperative to develop new materials to improve the properties of AIBs. Several promising cathodes, anodes, and electrolytes have been developed and among the new battery materials, phosphorus‐based (P‐based) materials have shown great promise. For example, P and metal phosphide anodes have high theoretical capacity, resource abundance, and environmental friendliness boding well for future high‐energy‐density AIBs. Besides, phosphate cathode materials have the advantages of low cost, high safety, high voltage, and robust stability, and P‐based materials like LiPF6 and lithium phosphorus oxynitride are widely used electrolytes. In this paper, the latest development of P‐based materials in AIBs, challenges, effective solutions, and new directions are discussed. Phosphorus‐based (P‐based) materials have broad application prospects for alkaline metal‐ion batteries (AIBs). The research progress of P‐based anodes, P‐based cathodes, and P‐based electrolytes in recent years are reviewed, and the development direction of P‐based materials for future high‐performance AIBs is discussed.