Advancing the development of electrocatalytic CO2 reduction reaction (CO2RR) to address the environmental issues caused by excessive consumption of fossil fuels requires rational design of remarkable electrocatalysts, where the identification of active sites and further understanding of structure–performance relationship are the bases. However, the notable dynamic evolution often appears on the catalysts, with typical examples of Cu‐based catalysts, under operating conditions, causing great difficulty in identifying the real active sites and further understanding the correlations between structure and catalytic property. In this context, understanding the dynamic evolution process of catalytically active sites during CO2RR is of particular importance, which inspires to organize the present review. Herein, the fundamental principles of dynamic evolution in CO2RR including thermodynamics and kinetics aspects, followed by the introduction of operando techniques employed to probe the evolution under operating conditions are first highlighted. The dynamic evolution behaviors, involving atomic rearrangement and change in chemical state, on typical catalysts are further discussed, with emphasis on the correlations between evolution behaviors and catalytic properties (activity, selectivity, and stability). The emerging CO2 pulsed electrolysis technique that behaves promise to manipulate the dynamic evolution and future opportunities are finally discussed.