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Water electrolysis to obtain hydrogen in combination with intermittent renewable energy resources is an emerging sustainable alternative to fossil fuels. Among the available electrolyzer technologies, anion exchange membrane water electrolysis (AEMWE) has been paid much attention because of its advantageous behavior compared to other more traditional approaches such as solid oxide electrolyzer cells, and alkaline or proton exchange membrane water electrolyzers. Recently, very promising results have been obtained in the AEMWE technology. This review paper is focused on recent advances in membrane electrode assembly components, paying particular attention to the preparation methods for catalyst coated on gas diffusion layers, which has not been previously reported in the literature for this type of electrolyzers. The most successful methodologies utilized for the preparation of catalysts, including co-precipitation, electrodeposition, sol-gel, hydrothermal, chemical vapor deposition, atomic layer deposition, ion beam sputtering, and magnetron sputtering deposition techniques, have been detailed. Besides a description of these procedures, in this review, we also present a critical appraisal of the efficiency of the water electrolysis carried out with cells fitted with electrodes prepared with these procedures. Based on this analysis, a critical comparison of cell performance is carried out, and future prospects and expected developments of the AEMWE are discussed.