Methanol fuel cells having advantages of relatively favorable reaction kinetics and higher energy density have attracted increasing interests as best alternative to hydrogen fuel cell because of H2 production, storage and distribution issues. While there have been extensive research works on developing key components such as electrocatalysts as well as their physicochemical properties in practical formic acid fuel cells, there have also been urgent requests for investigating which fuel sources will be more suitable for direct liquid fuel cells in future. In this mini-review, we highlight the overall interest and outlook of formic acid fuel cells in terms of electrocatalysts, fuel supply and crossover, water management, fuel cell efficiency and system integration in comparison with methanol fuel cells.