The physicochemical properties of heterogeneous catalysts in static or inert environments often deviate greatly from the properties under in‐situ or working conditions. To gain an insightful understanding of realistic catalyst properties and the corresponding catalytic mechanisms, it is essential to identify and rationalize changes in catalysts under reaction conditions. In recent years, in‐situ transmission electron microscope (in‐situ TEM) techniques have been increasingly developed, offering a unique approach to visualize the evolution of heterogeneous catalysis with ultra‐high spatial resolution, good energy resolution and reasonable temporal resolution under controllable or even realistic catalytic conditions. In this review, we have summarized recent advances in the in‐situ TEM analysis of heterogeneous catalysis, which suggests the great potential of this technique in this important field. Furthermore, technical challenges and possible solutions are discussed.