Abstract: One-step synthesis of light olefin and liquid fuel using syngas as platform compound is an important way to effectively utilize carbon resources. It has the characteristics of short process, low energy consumption, and is of good industrial application prospects. The one-step direct conversion of syngas to prepare light olefins and liquid fuels consists of two process routes: the Fischer-Tropsch (F-T) route and the bifunctional catalytic route. In this paper, the reaction mechanisms of both routes are briefly described. The optimal design of Fe-based and Co-based catalysts by inert supports, the effect of F-T metal particle size, reaction conditions, and catalyst structure on the catalytic performance and reaction process have been elaborated. In the bifunctional catalytic route, the influences of the CO activation components, zeolite type, the proportion and particle size of the metal oxide elements, the acidity and pore size of zeolites and the methods for coupling the CO activation components and zeolite on the performance of the catalysts were analyzed in detail. The advantages and challenges of the two routes are summarized. The development trends of efficient catalysts in the future have also been prospected.