Solar‐to‐hydrogen (STH) is emerging as a promising approach for energy storage and conversion to contribute to carbon neutrality. The lack of efficient catalysts and sustainable reaction systems is stimulating the fast development of photothermal hydrogen production based on floating carriers to achieve unprecedented STH efficiency. This technology involves three major components: floating carriers with hierarchically porous structures, photothermal materials for solar‐to‐heat conversion and photocatalysts for hydrogen production. Under solar irradiation, the floating photothermal system realizes steam generation which quickly diffuses to the active site for sustainable hydrogen generation with the assistance of a hierarchically porous structure. Additionally, this technology is endowed with advantages in the high utilization of solar energy and catalyst retention, making it suitable for various scenarios, including domestic water supply, wastewater treatment, and desalination. A comprehensive overview of the photothermal hydrogen production system is present due to the economic feasibility for industrial application. The in‐depth mechanism of a floating photothermal system, including the solar‐to‐heat effect, steam diffusion, and triple‐phase interaction are highlighted by elucidating the logical relationship among buoyant carriers, photothermal materials, and catalysts for hydrogen production. Finally, the challenges and new opportunities facing current photothermal catalytic hydrogen production systems are analyzed.