The past decade has witnessed a rapidly growing interest toward sodium ion battery (SIB) for large-scale energy storage in view of the abundance and easy accessibility of sodium resources. Key to addressing the remaining challenges and setbacks and to translate lab science into commercializable products is the development of high-performance anode materials. Anode materials featuring combined conversion and alloying mechanisms are one of the most attractive candidates, due to their high theoretical capacities and relatively low working voltages. The current understanding of sodium-storage mechanisms in conversion-alloying anode materials is presented here. The challenges faced by these materials in SIBs, and the corresponding improvement strategies, are comprehensively discussed in correlation with the resulting electrochemical behavior. Finally, with the guidance and perspectives, a roadmap toward the development of advanced conversion-alloying materials for commercializable SIBs is created.