Typical catalyst inks in proton exchange membrane fuel cells (PEMFCs) are composed of a catalyst, its support, an ionomer and a solvent and are used with solution processing approaches to manufacture conventional catalyst layers (CLs). Because of this, catalyst ink formulation and deposition processes are closely related to CL structure and performance. However, catalyst inks with ideal rheology and optimized electrochemical performances remain lacking in the large-scale application of PEMFCs. To address this, this review will summarize current progress in the formulation, characterization, modeling and deposition of catalyst inks. In addition, this review will highlight recent advancements in catalyst ink materials and discuss corresponding complex interactions. This review will also present various catalyst ink dispersion methods with insights into their stability and introduce the application of small-angle scattering and cryogenic transmission electron microscopy (cryo- TEM) technologies in the characterization of catalyst ink microstructures. Finally, recent studies in the kinetic modeling and deposition of catalyst inks will be analyzed.