Photoactive two‐dimensional covalent organic frameworks (2D‐COFs) have become promising heterogenous photocatalysts in visible‐light‐driven organic transformations. Herein, a visible‐light‐driven selective aerobic oxidation of various small organic molecules by using 2D‐COFs as the photocatalyst was developed. In this protocol, due to the remarkable photocatalytic capability of hydrazone‐based 2D‐COF‐1 on molecular oxygen activation, a wide range of amides, quinolones, heterocyclic compounds, and sulfoxides were obtained with high efficiency and excellent functional group tolerance under very mild reaction conditions. Furthermore, benefiting from the inherent advantage of heterogenous photocatalysis, prominent sustainability and easy photocatalyst recyclability, a drug molecule (modafinil) and an oxidized mustard gas simulant (2‐chloroethyl ethyl sulfoxide) were selectively and easily obtained in scale‐up reactions. Mechanistic investigations were conducted using radical quenching experiments and in situ ESR spectroscopy, all corroborating the proposed role of 2D‐COF‐1 in photocatalytic cycle.