Exfoliated graphene‐wrapped mesoporous Cu‐Ni oxide (CNO) nanocast composites are developed using a straightforward nanostructure engineering strategy. The synergistic effect of hierarchical mesoporous CNO nanobuilding blocks that are homogeneously wrapped by graphene nanosheets (GNSs) using a rapid spray drying technique effectively preserves the electroactive species against the volume changes resulting from the charge/discharge process. Owing to the intriguing structural/morphological features arising from the caging effect of exfoliated graphene sheets, these 3D/2D CNO@GNS nanocomposite microspheres are promising as high‐performance Li‐ion battery anode materials. They exhibit unprecedented electrochemical behavior, such as high reversib...