Natural gas, the cleanest fossil fuel, is an abundant source of methane and expected to play an increasingly important role in powering the world’s economic growth over the energy transition of the coming decades. Methane has the potential to be a CO2-free feedstock to cogenerate hydrogen (H2) and added value “building-blocks” chemicals (e.g., olefins and aromatics) for petrochemistry. In this review, the two processes (i) the oxidative coupling of methane (OCM) for production of ethylene and (ii) the nonoxidative methane dehydroaromatization (MDA) producing hydrogen and benzene are discussed. Both routes convert methane directly into valuable products, an advantage over the several-steps syngas route. The performances of various a variety of catalysts reported during the last 25 years for OCM (MnNaW, La2O3, Li-MgO, etc.) and MDA (M/HZSM-5, M/TNU-9, M/IM-5, M/ITQ-2, M@SiO2, M@CeO2, TaH/SiO2, GaN/SBA15, single-site M@HZSM-5, bimetallic M-M′/HZSM-5, core–shell structures, M/Zr(SO4)2 with M = Mo, Fe, Pt) under similar reaction conditions are compared. The major drawbacks and the strategies used to mitigate the main challenges related with the performance of the catalysts in both OCM and MDA reactions are critically revealed. For instance, the overoxidation in the OCM is mitigated by optimizing of the operating conditions, using alternative oxidants, and the application of membrane reactor technology are discussed. In the MDA reaction, the major issue is the catalyst deactivation by coke formation and migration and sintering of metallic active phases. Strategies for robust catalysts, methods for mild coke removal, pretreatment under reductive atmosphere are presented. Approaches to improve aromatics yields over coke production by addition of promoters or co-feed reactants to the MDA catalysts are also discussed.