The continuous growth of fossil fuel consumption and large amounts of CO₂ emissions have caused global energy crisis and climate change. The employment of semiconductor photocatalysts to convert CO₂ into value-added products has attracted extensive attention and research worldwide in recent years. However, it is difficult for a single-component semiconductor photocatalyst to achieve this goal efficiently due to its drawbacks, such as low quantum efficiency, limited surface area, limited number of active sites, the short lifetime of photogenerated carriers, poor long-term stability, and the weak redox ability of carriers. Fortunately, inspired by photosynthesis, the construction of an artificial Z-scheme heterojunction has brought a new dawn for the realization of this goal. The Z-scheme heterojunction has a high separation efficiency of electron–hole pairs with strong redox ability and a wide light response range. The abovementioned advantages make the Z-scheme heterojunction provide a great opportunity for the conversion of CO₂ to value-added chemicals. This review concisely reports the progress of the Z-scheme heterojunction in the field of photocatalytic CO₂ reduction in recent years, photocatalytic mechanism, choice of oxidation and reduction systems, strategies for improving efficiency, confirmation of the Z-scheme charge transport mechanism, problems and challenges, and the prospects for the future.