The increase in carbon dioxide emissions has significantly impacted human society and the global environment. As carbon dioxide is the most abundant and cheap C1 resource, the conversion and utilization of carbon dioxide have received extensive attention from researchers. Among the many carbon dioxide conversion and utilization methods, the reverse water–gas conversion (RWGS) reaction is considered one of the most effective. This review discusses the research progress made in RWGS with various heterogeneous metal catalyst types, covering topics such as catalyst performance, thermodynamic analysis, kinetics and reaction mechanisms, and catalyst design and preparation, and suggests future research on RWGS heterogeneous catalysts.