This review paper aims at analysing the state of the art for partial oxidation and oxidative dehydrogenation (ODH) reactions of lower alkanes C1–C6 into olefins and oxygenated products (aldehydes, anhydrides, carboxylic acids) on metal oxide catalysts with cations of variable oxidation state, such as Mo and V in particular. Key parameters to be met by the catalysts, such as their redox properties, their structural aspects, active sites composed of ensembles of atoms isolated one from the others, mechanisms of reactions, are discussed. Main features of the different reactions of C1–C6 alkanes and catalysts are analysed and their generalisation for determining more active and more selective catalysts is attempted. Prospective views for the future of the domain are proposed.