Abstract Combined high‐resolution fluorescence detection X‐ray absorption near‐edge spectroscopy, X‐ray diffraction, and X‐ray emission spectroscopy have been employed under operando conditions to obtain detailed new insight into the nature of the Mo species on zeolite ZSM‐5 during methane dehydroaromatization. The results show that isolated Mo–oxo species present after calcination are converted by CH 4 into metastable MoC x O y species, which are primarily responsible for C 2 H x /C 3 H x formation. Further carburization leads to MoC 3 clusters, whose presence coincides with benzene formation. Both sintering of MoC 3 and accumulation of large hydrocarbons on the external surface, evidenced by fluorescence‐lifetime imaging microscopy, are principally responsible for the decrease in catalytic performance. These results show the importance of controlling Mo speciation to achieve the desired product formation, which has important implications for realizing the impact of CH 4 as a source for platform chemicals.