This review paper summarizes the research published in the last five years on using different compounds and/or materials as modifiers for electrodes employed in trace heavy metal analysis. The main groups of modifiers are identified, and their single or combined application on the surface of the electrodes is discussed. Nanomaterials, film-forming substances, and polymers are among the most used compounds employed mainly in the modification of glassy carbon, screen-printed, and carbon paste electrodes. Composites composed of several compounds and/or materials have also found growing interest in the development of modified electrodes. Environmentally friendly substances and natural products (mainly biopolymers and plant extracts) have continued to be included in the modification of electrodes for trace heavy metal analysis. The main analytical performance parameters of the modified electrodes as well as possible interferences affecting the determination of the target analytes, are discussed. Finally, a critical evaluation of the main findings from these studies and an outlook discussing possible improvements in this area of research are presented.