Atomic force microscopy (AFM)-based impedance spectroscopy provides localized impedance information of materials and interfaces at the nanoscale by utilizing the conductive AFM tip as a moving electrode to detect current response as a function of time and frequency under controlled environments. This capability enables AFM-based nanoscale impedance measurements to play a unique role in enhancing our understanding of many electronic and electrochemical devices. This article introduces the central concepts of AFM-based impedance measurement and reviews recent examples applying this technique to a variety of functional materials systems, in particular focusing on fuel cells, lithium-ion batteries, photoactive biomembranes, as well as other application examples.