Lithium–sulfur batteries (LSBs) have received significant interest over the past decade due to their high energy density. Nevertheless, a pivotal challenge facing high-performance LSBs is exploring advanced cathode materials that can efficiently catalyze the conversion of lithium polysulfides (LiPSs) during both the charging and discharging processes. However, the development of catalysts for LSBs is still in its infancy due to the complex physical–chemical reaction mechanisms involved in transforming LiPSs during the cycles. Many up-and-coming strategies have been performed to solve this challenge. In this article, we overview lithium–sulfur storage mechanisms, the technology challenge, and the optimization strategies for designing high-performance catalysts of the lithium–sulfur cathode. Finally, future research directions are proposed for the design of bifunctional catalysts for LSBs.