Due to the unique structures and properties of graphene and graphene-analogous two-dimensional (2D) nanosheets, numerous methods were developed to prepare these 2D nanosheets; however, it is still changeable to fabricate high-quality 2D nanosheets cost-effectively in large scale. Electrochemical exfoliation has emerged as an efficient and mild technology for the preparation of 2D nanosheets, and this paper reviewed the recent development of this strategy. Electrochemical exfoliation was divided into two main categories, anodic and cathodic exfoliation. The merits of each category were summarized and analyzed as well as drawbacks in detail. It provides an avenue to design and fabricate different kinds of high-quality 2D nanosheets cost-effectively in large scale for energy storage and conversion, catalysis, sensors, electronics and so on.