In next-generation rechargeable batteries, sodium-ion batteries (SIBs) and potassium-ion batteries (PIBs) have been considered as attractive alternatives to lithium-ion batteries due to their cost competitiveness. Anodes with complicated electrochemical mechanisms determine the performance and safety of battery systems to a large degree. Among a wide range of anode materials for SIBs and PIBs, ferromagnetic metal (Fe, Co, and Ni) sulfides and selenides have captured prominent attention by virtue of their high theoretical capacities, suitable potentials, and relatively low price. Although some breakthrough results have been achieved, a few intrinsic issues stemming from the materials themselves need to be further explored and studied, especially in the field of PIBs, an emerging research interest. Herein, in this review, we highlight the pioneering investigation of typical ferromagnetic metal sulfides and selenides for application as anodes in SIBs and PIBs and overview their recent research progress. Meanwhile, the preparation methods, structural characteristics, charge storage mechanisms, and electrochemical properties are outlined. Finally, the present challenges and research perspectives are discussed.