The selective hydrogenation of biomass derivatives presents a promising pathway for the production of high‐value chemicals and fuels, thereby reducing reliance on traditional petrochemical industries. Recent strides in catalyst nanostructure engineering, achieved through tailored support properties, have significantly enhanced the hydrogenation performance in biomass upgrading. A comprehensive understanding of biomass selective upgrading reactions and the current advancement in supported catalysts is crucial for guiding future processes in renewable biomass. This review aims to summarize the development of supported nanocatalysts for the selective hydrogenation of the US DOE's biomass platform compounds derivatives into valuable upgraded molecules. The discussion includes an exploration of the reaction mechanisms and conditions in catalytic transfer hydrogenation (CTH) and high‐pressure hydrogenation. By thoroughly examining the tailoring of supports, such as metal oxide catalysts and porous materials, in nano‐supported catalysts, we elucidate the promoting role of nanostructure engineering in biomass hydrogenation. This endeavor seeks to establish a robust theoretical foundation for the fabrication of highly efficient catalysts. Furthermore, the review proposes prospects in the field of biomass utilization and address application bottlenecks and industrial challenges associated with the large‐scale utilization of biomass.