The prospect of engineering the optical bandgap in semiconductor nanostructures all the way from ultraviolet to visible is highly significant in various applications such as photocatalysis, sensing, opto-electronics, and biomedical applications. Since many of the semiconductors have their optical bandgaps in the UV region, various techniques are used for the tuning of their bandgaps to the visible region. Doping and co-doping with metals and nonmetals have been found highly effective in bandgap narrowing as doping creates a continuum of mid-bandgap states which effectively reduces their bandgap. Other than these techniques, the modulation of intrinsic vacancies is an effective way to control the optical bandgap. Among all semiconductors, Titanium dioxide is a well-studied material for UV photocatalytic applications. TiO2 has oxygen and Titanium vacancies as intrinsic defects which influence the bandgap based on its phase of existence. The creation of oxygen vacancies generates unpaired electrons associated with Ti3+ species resulting in the creation of donor levels within the bandgap. Trivacancies give p-type nature to TiO2 due to excess holes and generate acceptor levels in the bandgap. The existence of a continuum of such intrinsic defect states within the bandgap appears to narrow the bandgap and enhance the visible light absorption in TiO2 though the effect is an apparent narrowing. Doping and co-doping of TiO2 with metals Au, Ag, Fe, Co, Ni, Pt, Pd, etc., and non-metals B, C, N, Br, Cl, etc, doping with Ti3+ ions, hydrogenation etc have been found to narrow down the optical bandgap of TiO2. In this review, we focus on such intrinsic vacancy modulated optical bandgap narrowing in TiO2. This review covers significantly recent advancements in bandgap engineering of TiO2.