Recently, the efficient upgrading of abundant and cheap substances (H2O, CO2, N2, and NOxn) into valuable products by reduction and/or hydrogenation has attracted much attention. However, the traditional transformation processes of these oxidants generally suffer high‐energy input, complicated reactors, and rigorous reaction conditions due to their high thermodynamic stability and kinetic inertness. Recently, electrocatalytic reduction reactions (ERRs) for upgrading low‐grade substances have been perceived as promising for sustainable energy conversion due to the ambient condition, high selectivity, and atom economic feasibility. In this review, value‐added fuels and chemicals generation from low‐cost oxidants ERRs are systematically summarized. Specifically, H2 generation from ERR is introduced from water and seawater electrolysis; carbon‐containing compound generation from electrocatalytic COx reduction is classified into C1, and C2 and/or C2+ acquisition; valuable NH3 production is divided into nitrogen reduction reaction (NRR) and NOxn species reduction reaction (NOxnRR); and other valuable chemicals generation from multi‐substance reduction to CC bonds and CN bonds are also reviewed. This review aims to provide a comprehensive overview of high‐valued product generation from ERRs. Besides, an in‐depth understanding of such ERRs to valuable products has been presented, and current challenges and further prospects are also proposed.