Carbon dioxide (CO2) emission has been a global concern over the past few decades due to the increase in the demand of energy, a major source of which is fossil fuels. To mitigate the emission issues, as well as to find a solution for the energy needs, an ample load of research has been carried out over the past few years in CO2 reduction by catalysis. Bismuth, being an active catalyst both photocatalytically and electrocatalytically, is an interesting material that can be formed into oxides, sulphides, oxyhalides, etc. Numerous works have been published based on bismuth-based materials as active catalysts for the reduction of CO2. However, a proper understanding of the behavior of the active facets and the dependence of morphology of the different bismuth-based catalysts is an interesting notion. In this review, various bismuth-based materials will be discussed regarding their activity and charge transfer properties, based on the active facets present in them. With regard to the available literature, a summarization, including photocatalysis, electrocatalysis as well as photoelectrocatalysis, will be detailed, considering various materials with different facets and morphologies. Product selectivity, varying on morphological difference, will also be realized photoelectrochemically.