Propane dehydrogenation (PDH) is currently an approach for the production of propylene with high industrial importance, especially in the context of the shale gas revolution and the growing global demands for propylene and downstream commodity chemicals. In this Perspective article, we comprehensively summarize the recent advances in the design of advanced catalysts for PDH and the new understanding of the structure–performance relationship in supported metal catalysts. Furthermore, we discuss the gaps between fundamental research and practical industrial applications in the catalyst developments for the PDH process. In particular, we overview some critical issues regarding catalyst regeneration and the compatibility of the catalyst and reactor design. Finally, we make perspectives on the future directions of PDH research, including the efforts toward achieving a unified understanding of the structure–performance relationship, innovation in reactor engineering, and translation of the knowledge accumulated on PDH studies to other important alkane dehydrogenation reactions.