Photoelectrochemical CO2 reduction reaction (PEC CO2RR) is a promising technology which offers the possibility of a carbon‐neutral solar fuel production via artificial photosynthesis. The challenging proton‐coupled multielectron transfers with high energy barriers in CO2RR however pose as a huge hindrance to the technology, which demands strict specifications in the design of photocathode materials so as to improve PEC performances. This review underscores effective design strategies and current material progress for the judicious assembly of photocathode materials for CO2RR. The review begins with elucidating the fundamental principles of CO2 reduction process and photocathode electrochemistry. Based on these, the design criteria and trade‐offs in the design of PEC CO2RR photocathodes are highlighted. The various promotive strategies for photocathodes and their underlying rationales such as doping, defect engineering, nanostructuring, cocatalyst loading, passivation, heterojunction formation, and innovative multijunction configurations are further outlined and design propositions in the area are provided. Following that, various photocathode semiconductor materials categorized into photovoltaic (PV) grade (silicon, III–V semiconductors, chalcogenides) and non‐PV grade (metal oxides) materials are summarized and extensively discussed, along with their recent advances. Finally, perspectives on the design of photocathodes for CO2RR and new paradigms in the field are put forward.