Nitrous oxide (N2O) is an environmental pollutant that has a significant greenhouse effect and contributes to the depletion of the ozone layer. To address the issues caused by N2O, direct catalytic decomposition of N2O to N2 and O2 has been demonstrated as one of the most efficient methods for its removal. Various metals, particularly noble metals, including Rh, Ru, Pd, Pt, Au, and Ir, have been widely used and investigated as catalysts to facilitate this transformation. Therefore, this review aims to provide an overview of the advances in noble metal-based catalysts studied in recent years. The comprehensive discussion includes the influence of multiple factors, such as catalyst supports, preparation methods, additives, and impurity gases (such as O2, H2O, SO2, NO, and CO2) on the performance of versatile catalysts. Furthermore, this review offers insights into the future trends of catalyst systems for the direct catalytic decomposition of N2O.