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The Internet of Everything (IoE), which aims to realize information exchange and communications for anything with the Internet, has revolutionized our modern world. Serving as the driving force for devices in the IoE network, power supply systems play a fundamental role in the development of the IoE. However, due to the complexity, multifunctionality and wide‐scale deployment of diverse applications, power supply systems face great challenges, including distribution, connection, charging technologies, and management. In this review, some challenges and advances in the development of both power supply systems and their units are presented. In the overall system‐level field, establishing sustainable and maintenance‐free power supply systems through wireless connections, efficient power management and integrated energy harvesting and storage systems is highlighted. Additionally, the main performance metrics of power supply units are discussed, including energy density, service life, and self‐power ability. In addition, some directions of power quality assessment for both the system and unit levels of power supply systems are presented, aiming to provide insight into the future development of high‐performance power supply systems for the IoE.