On‐line hydrogen production via methanol steam reforming (MSR) has gained considerable interest due to its high efficiency, affordability, and eco‐friendliness. Currently, this technology has been widely applied in the industry and has become an important method for hydrogen energy production. However, there are still some issues with this technology, such as short catalyst lifespan and CO pollution, which require further research and improvement. This article provides a comprehensive review of the research progress made in this field, with a particular focus on the catalyst development, reaction mechanism, theoretical calculation, and reactor design. Additionally, the challenges and prospects of on‐line hydrogen production by MSR are also discussed. In conclusion, MSR technology for hydrogen production has vast application prospects and development potential. It will be further explored in‐depth and extensively in future research.