Ethylene production via oxidative coupling of methane (OCM) represents an interesting route for natural gas upscaling, being the focus of intensive research worldwide. Here, OCM developments are analysed in terms of kinetic mechanisms and respective applications in chemical reactor models, discussing current challenges and directions for further developments. Furthermore, some thermodynamic aspects of the OCM reactions are also revised, providing achievable olefins yields in a wide range of operational reaction conditions. Finally, OCM catalysts are reviewed in terms of respective catalytic performances and thermal stability, providing an executive summary for future studies on OCM economic feasibility.