Direct borohydride fuel cell (DBFC) is a potential power supplier in portable applications using alkali metal borohydride as fuel. The anodic oxidation reactions of BH4- is involved with a novel and complex reaction system of three hydrogen valence state transformation among protide (H-) -protium (H-0*) -proton (H+), which related to borohydride direct electrochemical oxidation and hydrolysis reaction with hydrogen evolution followed hydrogen electrochemical oxidation reaction. The character of anodic oxidation of borohydride depends on not only the electrocatalyst but also reaction conditions. The key for DBFC developing is to depress hydrogen evolution and reduce costs of anode catalysts. In this article, reported anode electrocatalysts of DBFC's as well as mechanism details of borohydride oxidation reaction are reviewed, and main issues for further research works are summed up.