On account of the lower theoretical capacity of the traditional graphite, the development of reliable anode materials with high capacity and energy density for application in lithium‐ion batteries (LIBs) is zealously pursued to meet the ever‐increasing power demands for portable mobile devices or (hybrid) electronic vehicles. Recently, Sn‐based intermetallic compounds have attracted considerable research interests as the promising candidate anode materials for high‐performance LIBs in consideration of the high theoretical capacity of Sn (994 mAh g⁻¹) and low operating voltage (below 0.6 V vs Li⁺/Li). The fabrication of Sn‐based intermetallic compounds is aiming at buffering the huge volumetric variation of Sn anode during lithiation/delithiation processes. Therefore, the rational construction of those anode materials with enhanced electrochemical performance is meaningful. This review is focusing on sum up the recent development in the structures, lithiation mechanism and electrochemical performances of various Sn‐based intermetallic compounds as anode materials in LIBs. The developments of modified methods for further enhancement of lithium storage performances of Sn‐based intermetallic compounds are also systematically summarized. We hope this review could provide a fundamental understanding of the Sn‐based intermetallic compounds for the application in LIBs.