The direct conversion of CO2 to methane, gasoline-to-diesel range fuels, methanol, and light olefins using renewable electricity sources is considered a promising approach for mitigating global warming. Nevertheless, the direct conversion of CO2 to high value-added chemicals, such as acetic and propanoic acids (AA and PA, respectively), has not been explored to date. Herein, we report a Ni–Zn alloy/Zn-rich NixZnyO catalyst that directly converted CO2 to AA and PA with an overall selectivity of 77.1% at a CO2 conversion of 13.4% at 325 °C. The surface restructuring of the ZnO and NiO phases during calcination and subsequent reduction led to the formation of a Ni–Zn alloy on the Zn-rich NixZnyO phase. Surface-adsorbed (*CHx)n species were formed via the reverse water-gas shift reaction and subsequent CO hydrogenation. Afterward, monocarboxylic acids were produced via the direct insertion of CO2 into the (*CHx)n species and subsequent hydrogenation. The synthesis of monocarboxylic acid was highly stable up to 216 h on-stream over the Ni–Zn alloy catalyst, and the catalyst maintained its phase structure and morphology during long-term CO2 hydrogenation. The high selectivity toward monocarboxylic acids and high stability of the Ni–Zn alloy demonstrated its excellent potential for the conversion of CO2 into value-added chemicals.