Metal‐exchanged zeolites are well‐known propane dehydrogenation (PDH) catalysts; however, the structure of the active species remains unresolved. In this review, existing PDH catalysts are first surveyed, and then the current understanding of metal‐exchanged zeolite catalysts is described in detail. The case of Ga/H‐ZSM‐5 is employed to showcase that advances in the understanding of structure–activity relations are often accompanied by technological or conceptional breakthroughs. The understanding of Ga speciation at PDH conditions has evolved owing to the advent of in situ/operando characterizations and to the realization that the local coordination environment of Ga species afforded by the zeolite support has a decisive impact on the active site structure. In situ/operando quantitative characterization of catalysts, rigorous determination of intrinsic reaction rates, and predictive computational modeling are all significant in identifying the most active structure in these complex systems. The reaction mechanism could be both intricately related to and nearly independent of the details of the assumed active structure, as in the two main proposed PDH mechanisms on Ga/H‐ZSM‐5, that is, the carbenium mechanism and the alkyl mechanism. Perspectives on potential approaches to further elucidate the active structure of metal‐exchanged zeolite catalysts and reaction mechanisms are discussed in the final section.