Methane utilization is one of the promising energy‐efficient conversions which can potentially control its emissions as an additional benefit. In this regard, electrochemically methane conversion is particularly attractive as a fossil‐free and sustainable strategy to generate power and fuels of global importance. However, it is relatively less explored. This review aims to highlight the feasibility of the electro‐conversion approach via electrocatalytic methane oxidation (EMO) reaction. The recent progress regarding power generation as well as value‐added fuel/chemical production, such as hydrocarbons, alcohols, acids, and ketones, is summarized. Additional mechanistic insights to increase the fundamental understanding of the EMO reaction pathways underlying various catalytic modes and their challenges are provided. Theoretical modeling focusing on the reactivity trends and performance kinetics is also presented, along with key recommendations for the material design that need to be addressed. Suggesting some insights on catalysts‐related developing directions and chances in the EMO field is concluded.