Cellulose, the main structural component of plant cell walls, is the most abundant renewable resource in nature, but it is extremely difficult to be degraded. Cellulosome is a multi-enzyme complex that can efficiently degrade cellulose and the degradation products can be used by some anaerobic microorganisms to produce ethanol. Recent research status in anaerobic degradation of cellulose for ethanol production by cellulosome-producing bacteria was reviewed in this paper. The latest achievements and research development in cellulosomes’ structure and function, designer cellulosomes, metabolic engineering and co-culture of cellulosome producing microorganisms were also summarized. It is expected that the development of new cellulose degrading microorganisms and relative technology will further cut the cost of cellulosic ethanol in the near future and make it more competitive with gasoline.