Hydrogen as the most promising alternative energy vector to fossil stands out due to its highly energy density and zero pollution. Extending the hydrogen feedstock from hydrocarbons (e. g., methane) to biomass derived oxygen‐containing compounds (CH3OH, C2H5OH etc.) provides the opportunity for low environmental pollution as well as a promising sustainable energy economy. Recently, ethanol with less toxic and high calorific value than traditional fossil energy (coal, oil and natural gas) has garnered significant attention for ethanol steam reforming (ESR) to produce hydrogen, a key component in fuel cell cogeneration system. This paper reviews recent advances on the catalyst developing strategies including structural constitution control, oxide supports modification, surface topography control and bimetallic interactions, and further discusses the catalytic mechanisms, anti‐carbon deposition and sintering resistance strategies on the ethanol steam reforming (ESR) processes. Finally, the challenges and possible strategies for the development of high‐performance catalysts in terms of fundamental research have been discussed.