Two typical processes have been developed for the conversion of methane and carbon dioxide to higher valuable products: dry reforming of methane (DRM) and CO₂‐oxidative coupling of methane (CO₂‐OCM). Numerous articles reviewed progresses in either DRM or CO₂‐OCM, but no one covers both processes. In this review article, we systematically evaluated progresses in both DRM and CO₂‐OCM processes for conversion of methane and CO₂ to highly valuable products. Critical issues, which are carbon deposition and high energy cost for DRM and the contradiction between large activity and high selectivity for CO₂‐OCM, were emphasized. Strategies to develop effective catalysts were evaluated, including the enhancement of metal‐support interactions, the introduction of promotors, the formation of solid solutions, and the construction of core‐shell structures. Plasma and photocatalysis were discussed as new promising technologies for DRM and CO₂‐OCM.