Hydrogen peroxide (H2O2) is extensively used in production and life, functioning as an ecofriendly oxidant. However, the dominant method currently employed, the anthraquinone method, is not conducive to sustainable development. Recently, photocatalytic H2O2 synthesis has garnered significant attention as an environment‐friendly approach. Graphitic carbon nitride (g‐C3N4), a new type of photocatalyst, shows great potential for generating H2O2 due to its excellent stability, high photocatalytic activity, selectivity, easy adjustability, and low cost. However, the research on the mechanism of H2O2 photoproduction has not been fully understood, which limits its development and practical application. Herein, the recent progress on modified g‐C3N4 is summarized and the effect of modification methods on the photocatalytic activity and H2O2 generation process is discussed. The challenges and perspectives of g‐C3N4 toward H2O2 photoproduction are proposed.