Polymer electrolyte membrane-based direct formic acid fuel cells (DFAFC) have been investigated for about a decade, and are now becoming an important area of portable power system research. DFAFCs have the advantages of high electromotive force (theoretical open circuit potential 1.48V), limited fuel crossover, and reasonable power densities at low temperatures. This paper provides a review of recent advances in DFAFCs, mainly focussing on the anodic catalysts for the electro-oxidation of formic acid. The fundamental DFAFC chemistry, formic acid crossover through Nafion® membranes, and DFAFC configuration development are also presented.