The interest in CO2 conversion to value-added chemicals and fuels has increased in recent years as part of strategic efforts to mitigate and use the excessive CO2 concentration in the atmosphere. Much attention has been given to developing two-dimensional catalytic materials with high-efficiency CO2 adsorption capability and conversion yield. While several candidates are being investigated, MXenes stand out as one of the most promising catalysts and co-catalysts for CO2 reduction, given their excellent surface functionalities, unique layered structures, high surface areas, rich active sites, and high chemical stability. This review aims to highlight research progress and recent developments in the application of MXene-based catalysts for CO2 conversion to value-added chemicals, paying special attention to photoreduction and electroreduction. Furthermore, the underlying photocatalytic and electrocatalytic CO2 conversion mechanisms are discussed. Finally, we provide an outlook for future research in this field, including photoelectrocatalysis and photothermal CO2 reduction.