The separation and purification of light hydrocarbons are significant challenges in the petrochemical and chemical industries. Because of the growing demand for light hydrocarbons and the environmental and economic issues of traditional separation technologies, much effort has been devoted to developing highly efficient separation techniques. Accordingly, polymeric membranes have gained increasing attention because of their low costs and energy requirements compared with other technologies; however, their industrial exploitation is often hampered because of the trade-off between selectivity and permeability. In this regard, high-performance mixed matrix membranes (MMMs) are prepared by embedding various organic and/or inorganic fillers into polymeric materials. MMMs exhibit the advantageous and disadvantageous properties of both polymer and filler materials. In this review, the influence of filler on polymer chain packing and membrane sieving properties are discussed. Furthermore, the influential parameters affecting MMMs affinity toward hydrocarbons separation are addressed. Selection criteria for a suitable combination of polymer and filler are discussed. Moreover, the challenges arising from polymer/filler interactions are analyzed to allow for the successful implementation of this promising class of membranes.