The ever‐increasing demand for large‐scale energy storage systems requires novel battery technologies with low‐cost and sustainable properties. Due to earth‐abundance and cost effectiveness, the development of rechargeable potassium ion batteries (PIBs) has recently attracted much attention. Since carbon‐based materials are abundant, inexpensive, nontoxic, and safe, extensive feasibility investigations have suggested that they can become promising anode materials for PIBs. This review not only attempts to provide better understanding of the potassium storage mechanism, but also summarizes the availability of new carbon‐based materials and their electrochemical performance covering graphite, graphene, and hard carbon materials plus carbon‐based composites. Finally, the critical issues, challenges, and perspectives are discussed to demonstrate the developmental direction of PIBs.