Excessive greenhouse gas emissions from fossil fuel consumption, particularly in energy-dependent sectors, highlight the urgent need for cleaner alternatives such as hydrogen as a promising energy source. Methane decomposition (MD) is a key milestone in the production of COx-free fuels, while producing valuable carbon nanomaterials, and commonly used catalysts include metallic oxides and noble metals. Noble metals have attracted wide attention because of their unique electronic structures and good catalytic qualities. Hence, initially, this review systematically focuses on the performance of noble metal catalysts, including Pt, Pd, Rh, Ru, Ir, and Au in the methane decomposition process, highlighting their distinct reaction mechanisms and active site behaviors. Beyond serving as active catalytic components, special attention is placed on the promotional behavior of noble metals, which, when incorporated with transition metals, can tune electronic interactions, increase dispersion, and suppress deactivation, offering a new perspective on their dual functionality in methane decomposition catalysis. Additionally, the influence of reaction conditions, including WHSV, feed ratio, and CH4 partial pressure, is examined to correlate reaction conditions with catalytic performance. The next objective also encompasses strategies for improving catalytic performance, such as evaluating various active sites, exploring synthesis strategies, investigating the nature of the supports, examining the presence of promoters, and utilizing plasma-assisted reduction. The final section of this review provides a roadmap for future development of high-performance, cost-effective, and durable noble metal-based catalysts for efficient methane decomposition.