Photocatalysis is a multifunctional phenomenon that can be employed for energy applications such as H2 production, CO2 reduction into fuels, and environmental applications such as pollutant degradations, antibacterial disinfection, etc. In this direction, it is not an exaggerated fact that TiO2 is blooming in the field of photocatalysis, which is largely explored for various photocatalytic applications. The deeper understanding of TiO2 photocatalysis has led to the design of new photocatalytic materials with multiple functionalities. Accordingly, this paper exclusively reviews the recent developments in the modification of TiO2 photocatalyst towards the understanding of its photocatalytic mechanisms. These modifications generally involve the physical and chemical changes in TiO2 such as anisotropic structuring and integration with other metal oxides, plasmonic materials, carbon-based materials, etc. Such modifications essentially lead to the changes in the energy structure of TiO2 that largely boosts up the photocatalytic process via enhancing the band structure alignments, visible light absorption, carrier separation, and transportation in the system. For instance, the ability to align the band structure in TiO2 makes it suitable for multiple photocatalytic processes such as degradation of various pollutants, H2 production, CO2 conversion, etc. For these reasons, TiO2 can be realized as a prototypical photocatalyst, which paves ways to develop new photocatalytic materials in the field. In this context, this review paper sheds light into the emerging trends in TiO2 in terms of its modifications towards multifunctional photocatalytic applications.