Rising levels of CO2 accumulation in the atmosphere have attracted considerable interest in technologies capable of CO2 capture, storage and conversion. The electrochemical reduction of CO2 into high‐value liquid organic products could be of vital importance to mitigate this issue. The conversion of CO2 into liquid fuels by using photovoltaic cells, which can readily be integrated in the current infrastructure, will help realize the creation of a sustainable cycle of carbon‐based fuel that will promote zero net CO2 emissions. Despite promising findings, significant challenges still persist that must be circumvented to make the technology profitable for large‐scale utilization. With such possibilities, this Minireview presents the current high‐performing catalysts for the electrochemical reduction of CO2 to liquid hydrocarbons, address the limitations and unify the current understanding of the different reaction mechanisms. The Minireview also explores current research directions to improve process efficiencies and production rate and discusses the scope of using photo‐assisted electrochemical reduction systems to find stable, highly efficient catalysts that can harvest solar energy directly to convert CO2 into liquid hydrocarbons.