Aerobic photo-oxidation is a kind of green catalytic process that give valuable chemicals because of its mild reaction conditions and high product selectivity. Recently, small-sized IB metal nanoparticles (NPs; e.g., Cu, Ag, and Au, sized 1–3 nm) upon the surface of titanium oxide show excellent photocatalytic performance. The introduction of IB metal NPs can enhance the separation of photo-generated holes/electrons during photo-oxidations. In this account, we summarize the recent progress of small-sized IB metal NPs catalyzed by aerobic photo-oxidations, including the conversion of methanol, ethanol, sulfide, and benzylamine. More importantly, the structure–property correlations at the atomic level are detailed and discussed, e.g., the insights into the activation of oxygen and the identification of catalytic active sites. Future investigations are needed to carry out and reveal the catalytic mechanisms and conversion pathways.