Electrocatalytic water splitting to produce hydrogen is an eco-friendly way to achieve sustainable utilization of renewable energy. The industrial application of water electrolysis, which is severely limited by slow kinetic reactions on electrode surfaces, requires the development of highly reactive, low-cost and stable electrocatalytic materials. Transition metal borides/borates have recently emerged as promising electrocatalytic materials for catalyzing hydrogen/oxygen evolution reactions (HER/OER) in inexpensive electrolyzers. However, so far, there has been little comprehensive summary of transition metal borides/borates. Here, this review provides the latest research progress on transition metal borides/borates for electrocatalytic water splitting. The structural characteristics of transition metal borides/borates and their synthesis methods in recent years are discussed. Then, the theoretical and experimental progress of transition metal borides including single-metal borides, multi-metal borides, borate derived and other nanocomposites containing boron (boron-doped nanocomposites/substrate with boron) in electrocatalytic reaction and the role of boron in regulating electrocatalytic performance are further emphasized. Finally, the potential challenges and future prospects of transition metal borides/borates in electrocatalysis are presented.