The term “covalent organic framework” (COF) refers to a class of porous organic polymeric materials made from organic building blocks that have been covalently bonded. The preplanned and predetermined bonding of the monomer linkers allow them to demonstrate directional flexibility in two‐ or three‐dimensional spaces. COFs are modern materials, and the discovery of new synthesis and linking techniques has made it possible to prepare them with a variety of favorable features and use them in a range of applications. Additionally, they can be post‐synthetically altered or transformed into other materials of particular interest to produce compounds with enhanced chemical and physical properties. Because of its tunability in different chemical and physical states, post‐synthetic modifications, high stability, functionality, high porosity and ordered geometry, COFs are regarded as one of the most promising materials for catalysis and environmental applications. This study highlights the basic advancements in establishing the stable COFs structures and various post‐synthetic modification approaches. Further, the photocatalytic applications, such as organic transformations, degradation of emerging pollutants and removal of heavy metals, production of hydrogen and Conversion of carbon dioxide (CO2) to useful products have also been presented. Finally, the future research directions and probable outcomes have also been summarized, by focusing their promises for specialists in a variety of research fields.