The escalating concern regarding the release of CO2 into the atmosphere poses a significant threat to the contemporary efforts in mitigating climate change. Amidst a multitude of strategies for curtailing CO2 emissions, the electrochemical CO2 reduction presents a promising avenue for transforming CO2 molecules into a diverse array of valuable gaseous and liquid products, such as CO, CH3OH, CH4, HCO2H, C2H4, C2H5OH, CH3CO2H, 1‐C3H7OH and others. The mechanistic investigations of gaseous products (e.g. CO, CH4, C2H4, C2H6 and others) broadly covered in the literature. There is a noticeable gap in the literature when it comes to a comprehensive summary exclusively dedicated to coherent roadmap for the designing principles for a selective catalyst all possible liquid products (such as CH3OH, C2H5OH, 1‐C3H7OH, 2‐C3H7OH, 1‐C4H9OH, as well as other C3‐C4 products like methylglyoxal and 2,3‐furandiol, in addition to HCO2H, AcOH, oxalic acid and others), selectively converted by CO2 reduction. This entails a meticulous analysis to justify these approaches and a thorough exploration of the correlation between materials and their electrocatalytic properties. Furthermore, these insightful discussions illuminate the future prospects for practical applications, a facet not exhaustively examined in prior reviews.