Abstract Highly efficient electrochemical reduction of CO 2 into value‐added chemicals using cheap and easily prepared electrodes is environmentally and economically compelling. The first work on the electrocatalytic reduction of CO 2 in ternary electrolytes containing ionic liquid, organic solvent, and H 2 O is described. Addition of a small amount of H 2 O to an ionic liquid/acetonitrile electrolyte mixture significantly enhanced the efficiency of the electrochemical reduction of CO 2 into formic acid (HCOOH) on a Pb or Sn electrode, and the efficiency was extremely high using an ionic liquid/acetonitrile/H 2 O ternary mixture. The partial current density for HCOOH reached 37.6 mA cm −2 at a Faradaic efficiency of 91.6 %, which is much higher than all values reported to date for this reaction, including those using homogeneous and noble metal electrocatalysts. The reasons for such high efficiency were investigated using controlled experiments.