The precision treatment of tumors with minimal side effects is associated with improved human health and quality of life. In recent years, phototherapy has attracted significant attention in tumor therapy due to its versatility, spatiotemporal controllability, non‐resistance, and minimal side effects. Carbon dots (CDs) are considered promising phototherapy reagents because of their simple preparation, facilitated surface modification, tunable energy bands, excellent electron‐transfer capabilities, remarkable photoelectric and photothermal conversion properties, and outstanding biocompatibility. This review summarizes recent advancements in photo‐responsive CDs for photodynamic therapy and the emerging photocatalytic therapy of tumors. Finally, the article discusses the main challenges associated with the development of photo‐responsive CDs for oncology therapeutics and strategies to overcome these challenges.