The energy of visible photons and the accessible redox potentials of common photocatalysts set thermodynamic limits to photochemical reactions that can be driven by traditional visible‐light irradiation. UV excitation can be damaging and induce side reactions, hence visible or even near‐IR light is usually preferable. Thus, photochemistry currently faces two divergent challenges, namely the desire to perform ever more thermodynamically demanding reactions with increasingly lower photon energies. The pooling of two low‐energy photons can address both challenges simultaneously, and whilst multi‐photon spectroscopy is well established, synthetic photoredox chemistry has only recently started to exploit multi‐photon processes on the preparative scale. Herein, we have a critical look at currently developed reactions and mechanistic concepts, discuss pertinent experimental methods, and provide an outlook into possible future developments of this rapidly emerging area.