Paper‐based materials are emerging as a new category of advanced electrodes for flexible energy storage devices, including supercapacitors, Li‐ion batteries, Li‐S batteries, Li‐oxygen batteries. This review summarizes recent advances in the synthesis of paper‐based electrodes, including paper‐supported electrodes and paper‐like electrodes. Their structural features, electrochemical performances and implementation as electrodes for flexible energy storage devices including supercapacitors and batteries are highlighted and compared. Finally, we also discuss the challenges and opportunity of paper‐based electrodes and energy storage devices.