(Oxy)nitride‐based nanophotocatalysts have been extensively investigated for solar‐to‐chemical conversion, and not only allow wide spectral utilization to achieve high theoretical energy conversion efficiency but also exhibit suitable conduction and valence band positions for robust reduction and oxidation of water. During the past decades, a few reviews on the research progress in designing and synthesizing new visible‐light‐responsive semiconductors for various applications in solar‐to‐chemical conversion have been published. However, those on the effects of their bulk and composite (surface/interface) nanostructures on basic processes as well as solar water splitting performances to produce hydrogen are still limited. In this review, a brief introduction on the relationship between the nanostructure photocatalytic properties is included. Three main processes of solar water splitting are involved, allowing the elucidation of the correlation with the nanostructural properties of the photocatalyst such as surface/interface, size, morphology, and bulk structure. Subsequently, the development of methodologies and strategies for modulating the bulk and composite structures to improve the efficiencies of the basic processes, particularly charge separation, is summarized in detail. Finally, the prospects of (oxy)nitride‐based photocatalysts such as controlled synthesis, modulation of 1D/2D morphology, exposed facet regulation, heterostructure formation, theoretical simulation, and time‐ and space‐resolved spectroscopy are discussed.