Electrochemical CO2 reduction presents a promising approach for synthesizing fuels and chemical feedstocks using renewable energy sources. Although significant advancements have been made in the design of catalysts for CO2 reduction reaction (CO2RR) in recent years, the linear scaling relationship of key intermediates, selectivity, stability, and economical efficiency are still required to be improved. Rare earth (RE) elements, recognized as pivotal components in various industrial applications, have been widely used in catalysis due to their unique properties such as redox characteristics, orbital structure, oxygen affinity, large ion radius, and electronic configuration. Furthermore, RE elements could effectively modulate the adsorption strength of intermediates and provide abundant metal active sites for CO2RR. Despite their potential, there is still a shortage of comprehensive and systematic analysis of RE elements employed in the design of electrocatalysts of CO2RR. Therefore, the current approaches for the design of RE element‐based electrocatalysts and their applications in CO2RR are thoroughly summarized in this review. The review starts by outlining the characteristics of CO2RR and RE elements, followed by a summary of design strategies and synthetic methods for RE element‐based electrocatalysts. Finally, an overview of current limitations in research and outline of the prospects for future investigations are proposed.