Energy demand worldwide demands clean, cheap, and renewable energy. Through the use of photoelectrochemical (PEC) conversion, solar energy can be transformed into chemical energy. Bismuth vanadate (BiVO4), a material exhibiting visible light activity, favourable conduction band edge energies, and ease of synthesis, has become increasingly popular in recent years. In BiVO4, charge carriers recombine rapidly, which adversely affects the PEC performance and stability. There have been several strategies developed to mitigate these deficiencies, including novel heterojunctions, doping with metals, coupling with cocatalysts, interface modification and modifying morphology. To achieve the best results, it is required to develop PEC devices with exceptional cost‐to‐efficiency ratios and long‐term durability. This review also examines novel yet commercially viable applications for BiVO4‐based photoanodes. Lastly, we discuss the challenges and perspectives facing PEC water splitting systems based on BiVO4.