Bismuth oxyiodides, like BiOI, Bi4O5I2 and Bi5O7I, are widely recognized as a kind of famous photocatalyst. However, there are only a few studies on the photoelectrochemical (PEC) applications of bismuth oxyiodides, due to the poor photoresponse and stability in aqueous medium. In this study, enhancing the PEC performance of Bi4O5I2 by introducing oxygen vacancies is attempted through a simple photo‐assisted method. Enhancement of the PEC performance of Bi4O5I2 is investigated from the perspective of transport of photogenerated carriers. Benefiting from the promising PEC performance, the as‐constructed photodetector exhibits high sensitivity and stability. This work presents a simple route to enhance the PEC performance of bismuth‐mixed anion compounds, which can be beneficial for the design of high‐performance PEC‐type devices toward energy conversion and photodetection.