Proton exchange membrane fuel cells (PEMFCs) can be used as reactors to produce chemicals and co-generate electricity and chemicals. Their mild reaction conditions, high product selectivity, and energy utilization have profoundly impacted gas separation, water treatment, and energy utilization fields. Given the lack of systematic reports on the current research status of utilizing PEMFCs for chemical production and the co-production of electricity and chemicals, this article summarizes the types of reactions and catalyst usage involved in this multifaceted application. It analyzes how to improve the production and performance of the system from four aspects: electrolyte membranes, catalysts, assembly methods, and reaction processes. Finally, the article analyzes the current research shortcomings in utilizing PEMFCs for these applications and provides prospects for future development.