Molecular catalysts often exhibit superior activity and selectivity in the process of photocatalytic reduction of CO2 (PCR). However, the practical application of molecular catalysts is restricted by the unsatisfied charge separation, low stability, and recycling difficulty. Fortunately, constructing organic–inorganic hybrids of molecular catalysts and semiconductors can tackle the above problems, which can improve the efficiency of charge separation and keep beneficial active sites simultaneously. However, there is no comprehensive review of the state‐of‐the‐art of the molecular catalyst/semiconductor hybrids. Herein, the present advances and challenges of the molecular catalyst/semiconductor hybrids for PCR application are outlined. Specifically, the review is summarized by the composition of semiconductors adopted to form the hybrids with molecular catalysts, including metal oxide, carbon nitride (CN), graphene, quantum dots, sulfides, layered double hydroxides (LDH), molecular complexes, and so on. The review presented here is expected to guide the design of efficient inorganic‐organic composites for solar energy conversion.