At present, the fixation of CO2 always requires it to be extracted from the atmosphere first, which leads to more energy consumption. Thus, direct photoreduction of low‐concentration CO2 to useful chemicals (e.g., syngas) under sunlight is significant from an energy‐saving and environmentally friendly perspective. Here, the design and fabrication of a [Ru(bpy)3]/[Co20Mo16P24] composite is demonstrated for visible‐light‐driven syngas production from diluted CO2 (3–20 %) gas with a high yield of approximately 1000 TONs (turnover number of syngas). This activity is an order of magnitude higher than the reported system with [Ru(bpy)3]2+ participation. With evidence from ultrafast transient absorption, GC‐MS, 1H NMR spectroscopy and in situ transient photovoltage tests, a clear and fundamental understanding of the highly efficient photoreduction of CO2 by the [Ru(bpy)3]/[Co20Mo16P24] composite is achieved. Making use of the structure and property designable polyoxometalates towards the photo‐fixation of CO2 is a conceptually distinct and commercially interesting strategy for making useful chemicals and environmental protection.