Ethyl acetate is one of the short-chain esters and widely used in the food, beverage, and solvent areas. The ethyl acetate production currently proceeds through unsustainable and energy intensive processes, which are based on natural gas and crude oil. Microbial conversion of biomass-derived sugars into ethyl acetate may provide a sustainable alternative. In this review, the perspectives of bio-catalyzing ethanol and acetic acid to ethyl acetate using lipases in vitro was introduced. Besides, the crucial elements for high yield of ethyl acetate in fermentation was expounded. Also, metabolic engineering in yeasts to product ethyl acetate in vivo using alcohol acyl transferases (AAT) was discussed.