In recent years, proton exchange membrane (PEM) fuel cells have regained worldwide attention from academia, industries, investors, and governments. The prospect of PEM fuel cells has turned into reality, with fuel cell vehicles successfully launched in the market. However, today’s fuel cells remain less competitive than combustion engines and batteries, primarily due to their high cost and short lifetime, which are significantly affected by the membrane electrode assembly (MEA), or the “chips” of PEM fuel cells. Therefore, many efforts have been devoted to developing advanced materials and manufacturing processes for MEAs. In this paper, we critically review the recent progress of key materials for MEAs, focusing on how to integrate materials into electrodes and MEAs. We also present the most advanced designs and manufacturing techniques of MEAs and discuss their possible constraints. Finally, perspectives on future R&D directions of materials and MEAs are provided. This review aims to bridge the gaps between academic material research and industrial manufacturing process development.