Formic acid has recently been suggested as a promising hydrogen storage material. The basic concept is briefly discussed and the recent advances in the development of formic acid dehydrogenation catalysts are shown. Both the state of research for heterogeneous and for homogeneous catalyst systems are reviewed in detail and an outlook on necessary development steps is presented. Formic acid is considered as one of the most promising materials for hydrogen storage today. There are a number of highly active and robust homogeneous catalysts that selectively decompose formic acid to H2 and CO2 near to room temperature. Although the activity and selectivity of heterogeneous catalysts have not yet reached the level of homogeneous systems, this gap is closing.