With increasing energy demands and environmental issues, renewable energy‐related conversion systems have gained significant attention as a potential substitute for traditional fossil fuel‐based energy technologies. First introduced by S.W.Grove in 1838, fuel cells have been extensively developed into many different types, and direct alcohol fuel cells (DAFCs) are of interest as a potential power source because of their large power density, quick start, simplicity, and nearly zero emission. However, the high cost and poor catalytic efficiency of current catalysts are primary barriers to commercializing DAFCs. Designing advanced nanocatalysts for both anode and cathode electrodes is of crucial importance for practical DAFC development; however, a brief evaluation of current progress in electrocatalyst development for the alcohol oxidation reaction (AOR) and oxygen reduction reaction (ORR) is still very little. Herein, recent advances in fuel cell catalysts, mainly focusing on several most active areas (i.e., Pt‐ and Pt‐free‐based catalysts, metal‐free carbon, carbon‐based nonprecious metal composites) are concisely summarized. Also, challenges and prospects for DAFCs are highlighted to supply a comprehensive view for further designing high‐performance DAFC catalysts.