The alkaline anion exchange membrane (AEM) water electrolysis technology has advantages of low cost, high current density, and fast dynamic response, and it has attracted more attention from researchers in the last few years. As one of the core components in this water electrolysis technology, AEMs play a crucial role in improving the hydrogen production efficiency of electrolyzers. However, it is difficult to achieve high ionic conductivity and high alkaline stability of AEMs simultaneously, which limits the practical applications of this hydrogen production technology. This review focuses on alkaline AEMs, which can be applied in the field of water electrolysis. Firstly, the performance evaluation system and the structure–activity relationship of AEMs are proposed. Then, the research progress of AEMs for water electrolysis was illustrated in detail. Finally, the current challenges and outlooks for development of AEMs applied in water electrolysis are presented. We hope this review can provide a new perspective for the design and preparation of AEMs for the demand of practical applications in water electrolysis.