According to one or more embodiments described herein, a method for dehydrogenating hydrocarbons may include passing a hydrocarbon feed comprising one or more alkanes or alkyl aromatics into a fluidized bed reactor, contacting the hydrocarbon feed with a dehydrogenation catalyst in the fluidized bed reactor to produce a dehydrogenated product and hydrogen, and contacting the hydrogen with an oxygen-rich oxygen carrier material in the fluidized bed reactor to combust the hydrogen and form an oxygen-diminished oxygen carrier material. In additional embodiments, a dual-purpose material may be utilized which has dehydrogenation catalyst and oxygen carrying functionality.