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Tremendous efforts are devoted to developing advanced electrode materials with superior electrochemical performance, high energy density, and high power density for energy storage and conversion. Two‐dimensional (2D) materials, owing to their unique properties, have shown great potential for energy storage. Following the discovery of graphene, a new family of 2D transition metal carbides/nitrides, MXenes, derived from MAX phase precursors, have attracted extensive attention in recent years. The superior physical and chemical properties of MXenes include high mechanical strength, excellent electrical conductivity, multiple possible surface terminations, hydrophilic features, superior specific surface area, and the ability to accommodate intercalants. When applied as electrodes in lithium‐based batteries, MXenes have demonstrated excellent performance. In this progress report, the authors summarize the recent advances of MXenes and MXene‐based composites in terms of synthesis strategies, morphology engineering, physical/chemical properties, and their applications in lithium‐ion batteries and lithium–sulfur batteries. Furthermore, challenges and perspectives for MXenes and MXene‐based composites for lithium‐based energy storage devices are also outlined. MXenes, as a new family of two‐dimensional transition metal carbides and nitrides, have exhibited great potential as advanced electrode materials for lithium‐based batteries. This report summarizes the recent advances of MXenes in terms of synthesis strategies, morphology engineering, physical and chemical properties, and development of lithium‐based batteries. [ABSTRACT FROM AUTHOR]