Direct formic acid fuel cells (DFAFCs) have gained immense importance as a source of clean energy for portable electronic devices. It outperforms other fuel cells in several key operational and safety parameters. However, slow kinetics of the formic acid oxidation at the anode remains the main obstacle in achieving a high power output in DFAFCs. Noble metal‐based electrocatalysts are effective, but are expensive and prone to CO poisoning. Recently, a substantial volume of research work have been dedicated to develop inexpensive, high activity and long lasting electrocatalysts. Herein, recent advances in the development of anode electrocatalysts for DFAFCs are presented focusing on understanding the relationship between activity and structure. This review covers the literature related to the electrocatalysts based on noble metals, non‐noble metals, metal‐oxides, synthesis route, support material, and fuel cell performance. The future prospects and bottlenecks in the field are also discussed at the end.