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Formic acid, with a volumetric hydrogen storage capacity of up to 53 g/L, has relatively low toxicity and flammability, making it convenient for storage and transportation, so it is a promising hydrogen carrier for practical applications. Utilizing formic acid as a hydrogen storage medium can effectively avoid the cumbersome processes of hydrogen liquefaction and compression, thereby achieving efficient utilization of hydrogen energy. The principles of hydrogen production from formic acid were elucidated and the latest research advancements of catalysts in this field were reviewed, including supported heterogeneous catalyst systems and homogeneous catalyst systems comprising precious and non-precious metals. The current development status of skid-mounted formic acid hydrogen production systems and skid-mounted formic acid hydrogen production-fuel cell power generation systems were summarized. Their potential application directions were discussed, and a concept of zero-carbon cycle based on green formic acid hydrogen production was proposed. [ABSTRACT FROM AUTHOR]