The direct catalytic conversion of syngas to aromatics offers a promising route to manufacture fine chemicals by employing non-petroleum carbon resources, because aromatic constituents are the key platform for producing polymers. However, this remains a great challenge due to the low yield of aromatics and poor catalyst stability, which restrict further development. In recent years, extensive research has been reported on the design of effective catalysts and the optimization of operating conditions to obtain better catalytic performance. In this review, we focus on these related achievements and present a comprehensive overview of different kinds of catalysts, mainly including modified Fischer-Tropsch (FT) catalysts and composite catalysts, as well as their performance and reaction mechanisms. The thermodynamic analysis of the reactions involved in this innovative conversion process and the comparison of different methods are also described in detail in this updated review. Finally, the challenges and prospects for direct syngas conversion are discussed to provide general guidelines for the construction of a well-designed reaction route.