The major cause of climate change and global warming is the increasing concentration of carbon dioxide in earth atmosphere. So it is very necessary to construct some effective methods for capture and utilization of carbon dioxide which not only decrease the concentration of CO2 but also reduce the dependency on fossil fuels like coal and oil, as carbon dioxide can be converted into value-added products. Over the past few decades, various methods have been suggested but amongst them photochemical and electrochemical processes emerged out to be very promising techniques; as the energy required for this process can be supplied from renewable energy sources like solar energy. Photochemical reduction of carbon dioxide is an artificial photosynthesis technique, and it utilizes solar energy for conversion of carbon dioxide and electrochemical process requires electrical energy to reduce carbon dioxide. Development of various metal catalysts over the past few years to make photocatalysis effective has briefly been discussed in this review. This review provides a brief introduction about fundamentals of photochemical process for reduction of CO2, their various components, factors influencing on product formation and different catalysts used for the efficient reduction of carbon dioxide. It also includes ongoing research on advancement and development.