Most of the current research on the photocatalytic mechanism of semiconductors is still on the simulation and evaluation of groundâstate active sites. Insights into photogenerated electron transition paths and excitedâstate active sites during photocatalysis are still insufficient. Herein, combining femtosecond timeâresolved transient absorption spectroscopy, in situ Fourierâtransform infrared spectroscopy, synchronous illumination Xâray photoelectron spectroscopy, and theoretical calculation results rationally reveal that in complex bimetallic oxyhalides the ultrathin rich oxygen vacancies (ROV) PbBiO2Cl (PBOC) double unit cell (DUC) layers facilitate migration and separation of photogenerated electrons from the bulk to Bi sites near the surface oxygen vacancies (OVs), then form the excited electronârich Bi(3âx)+ sites like quantum well structure. The excited Bi(3âx)+ sites act as wells for photogenerated electrons leading to lower energy barrier in the rate determining step for the formation of *CO from *COOH intermediate. Without photosensitizers and sacrificial agents, ROV DUC PBOC exhibit high CO generation rate (16.02 ”mol hâ1 gâ1) that is 18 times higher than that of bulk PBOC. In situ characterization combined with theoretical calculation provides effective insight into the photocatalytic mechanism of photoexcited semiconductor materials.