The shortage of fossil fuels and the disastrous pollution of the environment have led to an increasing interest in artificial photosynthesis. The photocatalytic conversion of CO2 into solar fuel is believed to be one of the best methods to overcome both the energy crisis and environmental problems. It is of significant importance to efficiently manage the surface reactions and the photo-generated charge carriers to maximize the activity and selectivity of semiconductor photocatalysts for photoconversion of CO2 and H2 O to solar fuel. To date, a variety of strategies have been developed to boost their photocatalytic activity and selectivity for CO2 photoreduction. Based on the analysis of limited factors in improving the photocatalytic efficiency and selectivity, this review attempts to summarize these strategies and their corresponding design principles, including increased visible-light excitation, promoted charge transfer and separation, enhanced adsorption and activation of CO2, accelerated CO2 reduction kinetics and suppressed undesirable reaction. Furthermore, we not only provide a summary of the recent progress in the rational design and fabrication of highly active and selective photocatalysts for the photoreduction of CO2, but also offer some fundamental insights into designing highly efficient photocatalysts for water splitting or pollutant degradation.