Value‐added aromatic monomers such as benzene, toluene, and xylenes (BTX) are very important building‐block chemicals for the production of plastics, polymers, solvents, pesticides, dyes, and adhesives. Syngas‐to‐aromatics (STA) is a very promising approach for the synthesis of aromatic monomers, and is catalyzed via bifunctional catalysts in a single reactor, wherein methanol/dimethyl ether and/or olefins intermediates formed from syngas on metal components are converted into aromatic monomers exclusively on the HZSM‐5 by cascade reactions. Since an optimal Fischer–Tropsch synthesis (FTS) temperature of Fe‐based catalysts is very close to an aromatization temperature of HZSM‐5, Fe‐based catalysts have been frequently used/modified for the synthesis of aromatic monomers from hydrogenation of carbon oxides (CO and CO2). The nature of metal components and amounts of Brönsted acid sites on HZSM‐5, and their mesoporosity and intimacy, significantly alter the selectivity for aromatics by tuning BTX distibution and catalyst stability. Although many developments have been achieved regarding the STA process in recent years, no reviews have been published in this flourishing research area over the last two decades. Here, the recent advances and forthcoming challenges in the progress of syngas (CO+H2) chemistry and hydrogenation of CO2 toward the value‐added aromatic monomers through cascade reactions are highlighted.