As a class of promising cathodes in the field of large-scale power storage systems especially for alkali-metal-ion batteries (MIBs), Prussian blue (PB) and its analogues (PBAs) have received wide research attention due to their open framework, high theoretical specific capacity, and simple synthesis method. For large-scale applications, cathode materials with low-cost and long cycle life are preferred. However, only a few of the review papers have concentrated on the detailed analysis of low-cost PBAs, including Fe-based and Mn-based PBAs, which also show excellent electrochemical performance. This review aims to first provide an all-sided understanding of low-cost PBAs in terms of their application and recent progress in MIBs. Then, the major challenges such as inferior electrochemical properties of low-cost PBAs are discussed. Meanwhile, we provide feasible strategies to prepare PBA electrodes with advanced electrochemical performance. Finally, we present some personal perspectives and guidance for future research, aiming to narrow the gap between laboratory investigation and practical application.