Graphitic carbon nitride as a novel photocatalyst for CO2 reduction reaction (CO2RR) has attracted many recent efforts on the synthesis and modification for improving efficiency and selectivity. Herein, an overview of fundamental factors and the latest research progress of g‐C3N4‐based photocatalysts for CO2RR is provided. The main strategies of fabrication and modification to obtain g‐C3N4 and g‐C3N4‐based composites with high CO2RR efficiency are summarized. Working mechanisms of each enhancement approach in terms of their effects on electronic band structures, light‐harvesting capability, CO2 adsorption capacity, separation of photogenerated electron–hole pairs etc. are explained and discussed. Finally, a brief overview on the challenges and new directions in this field is proposed.