Abstract Photocatalytic reduction of CO2 to obtain storable fuels is an effective way to fix and utilize greenhouse gas CO2, ultimately achieving a carbon‐free energy cycle. The core of this goal lies the development of efficient, sustainable, and economically practical catalysts and light absorbers. Currently, hybrid photocatalytic systems that immobilize molecular catalysts on covalent organic frameworks (COFs) are of intensified interest, as this strategy enables the simultaneous exploitation of the catalytic properties of high‐performance molecular catalysts, together with the durability of heterogeneous semiconductors, based on the readily available synthetic tunability of both components. This review focuses on the significant progress and challenges that have been overcome for the photocatalytic CO2 reduction reaction, mediated by COFs hybridized with molecular catalysts, aiming to provide strong guidance for innovative utilization towards sustainable photocatalytic CO2 reduction in the future.