Abstract Composite materials integrating precious metals (Au, Ag, Pd, Pt, Ru, Rh, Ir) with CeO 2 , a rare earth metal oxide, are increasingly utilized in photocatalytic CO 2 reduction. CeO 2 , notable for its redox characteristics, oxygen storage capacity (OSC), and abundant oxygen vacancies (O v ), emerges as a key player in semiconductor catalyst research. The selection of precious metals and their application techniques are crucial in modifying CeO 2 ′s wide bandgap and enhancing light absorption, thereby influencing the photocatalytic efficiency. Approaches for incorporating precious metals onto CeO 2 include single atoms, metal clusters, and nanoparticles. This review provides an in‐depth analysis of the progress in composite photocatalysts comprising precious metals and CeO 2 for CO 2 reduction. It examines diverse modification strategies, such as particle size adjustment and heterojunction formation. The review concisely elucidates the principles behind converting CO 2 into high‐value products (hydrocarbons, C1, C2, and C2+). Lastly, it addresses the challenges and future directions for precious metal‐CeO 2 catalysts in photocatalytic CO 2 reduction.