The reliance of the transport sector on fossil fuels has led to increasing concerns related to sustainability and environmental impact. Growing petroleum shortages and global climate change caused by greenhouse gas emissions have given an impetus to the development of renewable and low-carbon energy sources. Fatty acid-derived hydrocarbons are an attractive drop-in biofuel to substitute fossil fuels consumed by the transport sector, especially heavy vehicles. Compared to traditional biofuels such as ethanol and biodiesel, fatty acid-derived hydrocarbons have higher energy density and better compatibility with existing storage and transport systems. As a common microbial platform for biofuel production, yeasts have been engineered to produce fatty acid-derived hydrocarbons. Here, we attempted to comprehensively review the latest advances in metabolic engineering strategies for the production of fatty acid-derived hydrocarbons in the yeasts Saccharomyces cerevisiae and Yarrowia lipolytica. The heterologous hydrocarbon synthesis pathways and combinational metabolic engineering strategies have been summarized, followed by a discussion of future research directions for the development of yeasts as industrial hydrocarbon producers.