Given that ethanol can be obtained from abundant biomass resources (e.g., crops, sugarcane, cellulose, and algae), waste, and CO2, its conversion into value‐added chemicals holds promise for the sustainable production of high‐demand chemical commodities. Nonoxygenated chemicals, including light olefins, 1,3‐butadiene, aromatics, and gasoline, are some of the most important of these commodities, substantially contributing to modern lifestyles. Despite the industrial implementation of some ethanol‐to‐hydrocarbons processes, several fundamental questions and technological challenges remain unaddressed. In addition, the utilization of ethanol as an intermediate provides new opportunities for the direct valorization of CO and CO2. Herein, the recent advances in the design of ethanol conversion catalysts are summarized, providing mechanistic insights into the corresponding reactions and catalyst deactivation, and discussing the related future research directions, including the exploitation of active site proximity to achieve better synergistic effects for reactions involving ethanol.