These days, explorations have focused on designing two-dimensional (2D) nanomaterials with useful (photo)catalytic and environmental applications. Among them, MXene-based composites have garnered great attention owing to their unique optical, mechanical, thermal, chemical, and electronic properties. Various MXene-based photocatalysts have been inventively constructed for a variety of photocatalytic applications ranging from pollutant degradation to hydrogen evolution. They can be applied as co-catalysts in combination with assorted common photocatalysts such as metal sulfide, metal oxides, metal–organic frameworks, graphene, and graphitic carbon nitride to enhance the function of photocatalytic removal of organic/pharmaceutical pollutants, nitrogen fixation, photocatalytic hydrogen evolution, and carbon dioxide conversion, among others. High electrical conductivity, robust photothermal effects, large surface area, hydrophilicity, and abundant surface functional groups of MXenes render them as attractive candidates for photocatalytic removal of pollutants as well as improvement of photocatalytic performance of semiconductor catalysts. Herein, the most recent developments in photocatalytic degradation of organic and pharmaceutical pollutants using MXene-based composites are deliberated, with a focus on important challenges and future perspectives; techniques for fabrication of these photocatalysts are also covered.