The electroreduction of carbon dioxide (CO2) has been emerging as a high‐ potential approach for CO2 utilization using renewables. When copper (Cu) based catalysts are used, this platform can produce multi‐carbon (C2+) fuels and chemicals with almost net‐zero emission, contributing to the closure of the anthropogenic carbon cycle. Nonetheless, the rational design and development of Cu‐based catalysts are critical toward the realization of highly selective and efficient CO2 electroreduction. In this review, first the latest advances in Cu‐catalyzed CO2 electroreduction in the product selectivity and electrocatalytic activity are briefly summarized. Then, recent theoretical and mechanistic studies of CO2 electroreduction on Cu‐based catalysts are investigated, which serve as programs to design catalysts. Strategies for devising Cu catalysts that aim at promoting different key elementary steps for hydrocarbon and C2+ oxygenates production are further summarized. Moreover, challenges in understanding the mechanism, operando investigation of Cu catalysts and reactions, and systems’ influences are also presented. Finally, the future prospects of CO2 electroreduction are discussed.