The interfacial liquid, situated in proximity to an electrode or catalyst, plays a vital role in determining the activity and selectivity of crucial electrochemical reactions, including hydrogen evolution, oxygen evolution/reduction, and carbon dioxide reduction. Thus, there has been a growing interest in better understanding the behavior and the catalytic effect of its constituents. This minireview examines the impact of interfacial liquids on electrocatalysis, specifically the effects of water molecules and ionic species present at the interface. How the structure of interfacial water, distinct from the bulk, can affect charge transfer kinetics and transport of species is presented. Furthermore, how cations and anions (de)stabilize intermediates and transition states, compete for adsorption with reaction species, and act as local environment modifiers including pH and the surrounding solvent structure are described in detail. These effects can promote or inhibit reactions in various ways. This comprehensive exploration provides valuable insights for tailoring interfacial liquids to optimize electrochemical reactions.