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The catalytic conversion of CO2 to value-added chemicals and fuels has been long regarded as a promising approach to the mitigation of CO2 emissions if green hydrogen is used. Light olefins, particularly ethylene and propylene, as building blocks for polymers and plastics, are currently produced primarily from CO2-generating fossil resources. The identification of highly efficient catalysts with selective pathways for light olefin production from CO2 is a high-reward goal, but it has serious technical challenges, such as low selectivity and catalyst deactivation. In this review, we first provide a brief summary of the two dominant reaction pathways (CO2-Fischer-Tropsch and MeOH-mediated pathways), mechanistic insights, and catalytic materials for CO2 hydrogenation to light olefins. Then, we list the main deactivation mechanisms caused by carbon deposition, water formation, phase transformation and metal sintering/agglomeration. Finally, we detail the recent progress on catalyst development for enhanced olefin yields and catalyst stability by the following catalyst functionalities: (1) the promoter effect, (2) the support effect, (3) the bifunctional composite catalyst effect, and (4) the structure effect. The main focus of this review is to provide a useful resource for researchers to correlate catalyst deactivation and the recent research effort on catalyst development for enhanced olefin yields and catalyst stability.