The formation of light-induced oxygen vacancy (VO) is detected and confirmed on the surface of various metal-oxide-based semiconductors under mild reaction conditions with low cost energy source (sunlight). This self-structural transformation of the materials can bring about new characteristics and functionalities, which has inspired many researchers to explore the applications of light-induced VO in the photochemical conversion. In this perspective, generating and maintaining the light-induced VO are discussed based on some of the important work in the field of photochemical conversion. The effects and utilizations of the light-induced VO are revealed including the models proposed to explain mechanism. Then, the electric current measurements and key challenges of the light-induced VO are also summarized in a comprehensive introduction. Finally, some important aspects and questions in terms of the future research of light-induced VO are emphasized via discussing the potential contribution and development. And the schematic of future developments for light-induced VO is provided based on loop-locked materials design, light engineering and mechanism investigation.