Dissolved black carbon (DBC), the particular component of black carbon that can be dissolved in the water, which accounts for ~10% of the organic carbon cycle in the earth’s water body, is an essential member of the dissolved organic matter (DOM) pool. In contrast to DOM, DBC has a higher proportion of conjugated benzene rings, which can more efficiently encourage the degradation of organic micropollutants in the aquatic environment or more rapidly generate reactive oxygen species to photodegrade the organic micropollutants. Therefore, it is of great significance to study the changes and mechanisms of DBC photochemical activity affected by different factors in the water environment. Our work reviewed the main influencing factors and mechanisms of the photochemical activity of DBC. It focuses on the methodologies for the quantitative and qualitative investigation of the photochemical activity of DBC, the impact of the biomass source, the pyrolysis temperature of biochar, and the primary water environmental parameters on the photochemical activity of DBC and the indirect photodegradation of pollutants. Based on this, a potential future study of DBC photochemical activity has been prospected.