In this perspective, we present an overview of the most relevant advances in the selective oxidation of light paraffins to contribute to the petrochemical decarbonization processes. An analysis of the catalysts reported for methane to chemicals focusing the attention on the oxidative coupling, the dehydroaromatization, the oxidation to formaldehyde, and, more particularly, the direct oxidation to methanol is done. For ethane, the examination is centered on the catalysts investigated for the oxidative dehydrogenation to ethylene, the ammoxidation to acetonitrile, and the partial oxidation to acetic acid. Finally, in the case of propane, the scrutiny is focused on the oxidative dehydrogenation to propylene, the selective oxidation to acrolein and acrylic acid, and the ammoxidation to acrylonitrile. The main challenges to face on the catalyst design and process development are pointed out.