Herein, photocatalytic selective oxidation of hydrocarbons through O2 represents a promising way for fine chemical industry on account of its mild reaction condition. In this work, Co3O4‐modified BiOBr/AgBr S‐scheme heterojunction can effectively oxidize sp3 CH bonds at benzylic position to its corresponding aldehydes, with a toluene to benzaldehyde selectivity of 94%, which is much higher than that of pure BiOBr (21.7%) and AgBr (58.9%). A unique S‐scheme charge‐transfer mode is confirmed for the ternary composites by the X‐ray photoelectron spectroscopy and reactive species quenching measurement. The remaining photogenerated electrons in AgBr with powerful reduction ability can react with O2 to generate •O2
− species, which can further oxidize the benzyl radical formed on the Co3O4 surface to peroxyl radicals and then thermodynamically decompose to benzaldehyde. Herein, this work has important guiding significance for the structure regulation of photocatalysts and application in selective oxidation of sp3 CH bond of hydrocarbons.