Abstract: C₂—C₄ olefin （\rmC_2^=—\rmC_4^= ） is a major chemical raw material and in a flourishing demand in China. Currently, its manufacturing technique is mostly based on naphtha cracking, which is not in line with the national energy endowment of “rich coal but lean oil”. Coal gasification, typically produces syngas （CO/H₂） first, and subsequently to olefin （STO） is considered as a promising technology. Meanwhile, converting CO₂ from industrial flue gas into \rmC_2^=—\rmC_4^= is critical for realizing the “Carbon Neutrality”. The direct and highly selective conversion of CO_x （both CO and CO₂） to \rmC_2^=—\rmC_4^= via the metal Oxide−Zeolite （OX−ZEO） route breaks through the limitation of the Anderson-Schulz-Flory distribution of the traditional Fischer-Tropsch synthesis technology, but still suffers from the trade-off between CO_x conversion efficiency and \rmC_2^=—\rmC_4^= yield. Recent development of OX−ZEO bifunctional catalysis strategy for CO_x hydrogenation to light olefins was reviewed, with emphasis on the effects of the type and elemental composition of metal oxides, the acidity and topological structure of zeolite on the catalytic performance. The role of oxygen vacancy and side reaction inhibition strategies on CO_x hydrogenation was clarified. In addition, the reaction mechanism over OX−ZEO was reviewed in detail. With this, insights into significant promising tendencies and confronting challenges in the strategy of OX−ZEO for CO_x to light olefin was suggested.