Nickel–cobalt–manganese (NCM)‐based cathode materials have emerged as a prominent research focus in energy storage due to their high specific capacity and layered crystal structure, enabling synergistic integration of high‐energy and power density in hybrid battery‐supercapacitor devices (HBSDs). This review presents a comprehensive overview of the recent advancements and future prospects of NCM‐based cathodes in such hybrid systems, with a critical emphasis on electrochemical performance optimization, energy storage mechanism elucidation, and material modification strategies. Key topics include the latest progress in NCM material design, encompassing compositional optimization, surface engineering, and nanostructural tailoring, to enhance rate capability, energy density, and cycling stability. Additionally, emerging challenges and prospective directions for NCM‐based HBSDs are discussed, such as in‐depth investigations into interfacial reaction mechanisms for precise regulation, cost‐effective manufacturing technologies for industrial scalability, and solutions to critical issues related to safety, long‐term durability, and environmental sustainability. Through systematic analysis of technological innovations and research breakthroughs, this work highlights the transformative potential of NCM‐based hybrid devices in next‐generation energy storage, aiming to inspire new paradigms for advancing high‐performance energy storage systems.