Sustainable solar fuels production through reduction of molecular CO2 using photocatalysts is an eco‐friendly and dependable source of energy for the future and for controlling the global warming. The growth of quantum dots, especially, graphene quantum dots (GQD), has emerged as a flat 0D material offering unique properties like enhanced solar light absorption, surface reactivity, charge separation, and migration efficiency, which are invariably systemizing high solar photocatalytic CO2 reduction efficiency. In this review, the insights of thermodynamics and kinetics of CO2 reduction are discussed, followed by detailed encapsulation of modification strategies of GQDs and intrinsic analysis of CO2 reduction utilizing solar light. Progressively, the challenges and futuristic outlook of GQDs‐based photocatalytic systems for solar fuels production is also presented.