The pursuit of carbon neutrality has accelerated advancements in sustainable hydrogen production and storage methods, increasing the importance of methanol steam reforming (MSR) technology. Catalysts are central to MSR technology and are primarily classified into copper-based and noble metal-based catalysts. This review begins with an examination of the active components of these catalysts, tracing the evolution of the understanding of active sites over the past four decades. It then explores the roles of various supports and promoters, along with mechanisms of catalyst deactivation. To address the diverse perspectives on the MSR reaction mechanism, the existing research is systematically organized and synthesized, providing a detailed account of the reaction mechanisms associated with both catalyst types. The discussion concludes with a forward-looking perspective on MSR catalyst development, emphasizing strategies such as anti-sintering methods for copper-based catalysts, approaches to reduce byproduct formation in palladium-based catalysts, comprehensive research methodologies for MSR mechanisms, and efforts to enhance atomic utilization efficiency.