Direct conversion of solar energy into chemical energy in a sustainable manner is one of the most promising solutions to the energy crisis and environmental issues. Fabrication of highly active photocatalysts is of great significance for the practical applications of efficient solar‐to‐chemical energy conversion systems. Among various photocatalytic materials, semiconductor‐based heterostructured photocatalysts with hollow features show distinct advantages. Recent research efforts on rational design of heterostructured hollow photocatalysts toward photocatalytic water splitting and CO2 reduction are presented. First, both single‐shelled and multishelled heterostructured photocatalysts are surveyed. Then, heterostructured hollow photocatalysts with tube‐like and frame‐like morphologies are discussed. It is intended that further innovative works on the material design of high‐performance photocatalysts for solar energy utilization can be inspired.