Bifunctional photocatalysis for biomass conversion and fuel production not only utilizes abundant and renewable biomass resources, but also obtains high‐energy fuels while obtaining fine chemicals. It is a green, clean, efficient, low‐cost, and high‐value strategy, which is conducive to achieving carbon neutralization, carbon cycle, and solving energy and environmental problems. However, very few literatures have classified and analyzed the bifunctional photocatalysis of biomass. On the basis of latest research progress, the bifunctional photocatalysts based on the classification of biomass transformation coupled with fuel production (hydrogen production or CO2 reduction) by mainly using biomass conversion rate, biomass value‐added product yield, fuel (H2, CO) production rate, and so on as evaluation indicators are reviewed. The reaction mechanisms, development status, and prospects of bifunctional photocatalysts are analyzed, summarized and prospected. This review helps to better understand photocatalysts in a biomass transformation and fuel production bifunctional route.