Supercritical water gasification has emerged as a promising technology to sustainably convert waste residues into clean gaseous fuels rich in combustible gases such as hydrogen and methane. The composition and yield of gases from hydrothermal gasification depend on process conditions such as temperature, pressure, reaction time, feedstock concentration, and reactor geometry. However, catalysts also play a vital role in enhancing the gasification reactions and selectively altering the composition of gas products. Catalysts can also enhance hydrothermal reforming and cracking of biomass to achieve desired gas yields at moderate temperatures, thereby reducing the energy input of the hydrothermal gasification process. However, due to the complex hydrodynamics of supercritical water, the literature is limited regarding the synthesis, application, and performance of catalysts used in hydrothermal gasification. Hence, this review provides a detailed discussion of different heterogeneous catalysts (e.g., metal oxides and transition metals), homogeneous catalysts (e.g., hydroxides and carbonates), and novel carbonaceous catalysts deployed in hydrothermal gasification. The article also summarizes the advantages, disadvantages, and performance of these catalysts in accelerating specific reactions during hydrothermal gasification of biomass, such as water–gas shift, methanation, hydrogenation, reforming, hydrolysis, cracking, bond cleavage, and depolymerization. Different reaction mechanisms involving a variety of catalysts during the hydrothermal gasification of biomass are outlined. The article also highlights recent advancements with recommendations for catalytic supercritical water gasification of biomass and its model compounds, and it evaluates process viability and feasibility for commercialization.