Efficient olefin/paraffin separation is a grand challenge because of their similar molecular sizes and physical properties, and is also a priority in the modern chemical industry. Membrane separation technology has been demonstrated as a promising technology owing to its low energy consumption, mild operation conditions, tunability of membrane materials, as well as the integration of physical and chemical mechanisms. In this work, inspired by the physical mechanism of mass transport in channel proteins and the chemical mechanism of mass transport in carrier proteins, recent progress in channel-based and carrier-based membranes toward olefin/paraffin separations is summarized. Further, channel-based membranes are categorized into membranes with network structures and with framework structures according to the morphology of channels. The separation mechanisms, separation performance, and membrane stability in channel-based and carrier-based membranes are elaborated. Future perspectives toward membrane-based olefin/paraffin separation are proposed.