This article reviews the research and development work and the existing processes in the area of chemical conversion of natural gas. The two possible methods, direct conversion of methane and indirect conversion via synthesis gas, are discussed. The preparation of hydrocarbons that can be used as fuels and the production of building blocks for the petrochemical and chemical industries are both dealt with. The accent is placed on the key step in developing each process. Depending on the target product, this key step consists in working out a new catalytic system, changing reactor technology or engineering a less complex fractionation section.