The catalytic hydrogenolysis of cellulose to polyols represents an attractive process for biomass conversion to value-added products with a high atom economy. In the past decade, extensive studies have been conducted and promptly accumulated a rich knowledge in this field. In this chapter, we focus on the review of reaction mechanisms and kinetics after a brief description of the catalyst development for this process. In view of the different polyol products, the present review is mainly composed of two parts: cellulose conversion to sugar alcohols and cellulose hydrogenolysis to ethylene glycol and 1,2-propylene glycol. The reaction mechanisms are discussed and summarized to obtain general rules in terms of the specific performance of various catalysts. The reaction kinetics of cellulose hydrogenolysis are analyzed on the basis of the kinetics of the individual reaction steps and their correlations in the whole route covering in detail the reactions of cellulose hydrolysis, sugar hydrogenation, retro-aldol condensation, and sugar condensations. Finally, the prospective for the reaction mechanism and kinetics study of cellulose hydrogenolysis is presented.