The oxygen evolution reaction plays a critical role in several energy conversion and storage technologies; however, the sluggish electrokinetics and high overpotential limit the performance. Developing electrocatalysts that efficiently drive the electrochemical reaction along with cost-effective and sustainable benefits remains a challenge. Two-dimensional (2D) materials, owing to their interesting and tunable structural, geometrical, and electronic properties, have gained attention as an electrocatalyst for oxygen reduction reactions. The fundamental mechanisms of oxygen evolution reaction and their critical parameters, such as overpotential, Tafel slope, electrochemical surface area, and turnover frequency, are detailed. The importance of 2D materials such as graphene and its derivatives, metal-organic frameworks, and covalent-organic frameworks, transition metal dichalcogenides, layered double hydroxides, and MXenes and their modified form as defects, vacancies, strain engineered, and composite/heterostructure relevant to electrocatalytic roles in water-splitting reaction, metal-air batteries, and photoelectrochemical systems are discussed. Finally, the challenges and future perspective towards the development of robust and stable 2D materials-based catalysts to realize higher electrochemical performances, along with perspective from industrial needs, are projected.