Syngas chemistry has been under study since Fischer−Tropsch synthesis (FTS) was invented in the 1920s. Despite the successful applications of FTS as the core technology of coal-to-liquid and gas-to-liquid processes in industry, the product selectivity control of syngas conversion still remains a great challenge, particularly for value-added chemicals such as light olefins. Recent studies show that the catalyst design concept of OXZEO (oxide−zeolite-based composite) enables direct syngas conversion to mixed light olefins with a selectivity reaching 80% and to ethylene with a selectivity of 83% among hydrocarbons. They both well-surpass the limits predicated by the Anderson−Schultz−Flory model via the conventional FTS route (58% and 30%, respectively). Furthermore, this catalyst concept allows one-step synthesis of gasoline-range isoparaffins and aromatic compounds, which is otherwise not possible in conventional FTS. A rapidly growing number of studies demonstrate the versatility of this concept and may form a technology platform for utilization of carbon resources including coal, natural gas, and biomass via syngas to a variety of basic chemicals and fuels. However, the selectivity control mechanism is far from being understood. Therefore, we focus mainly on the catalytic roles of the bifunctionalities of OXZEO while reviewing the development of bifunctional catalysts for selective syngas conversion by taking syngas-to-light olefins as an example. With this, we intend to provide insights into the selectivity control mechanism of the OXZEO concept in order to understand the challenges and prospects for future development of much more active and more selective catalysts.