The global adoption of efficient sustainable energy sources is a crucial step toward meeting energy demands while achieving carbon emission reduction targets. Solar energy has become a clean and cost-competitive alternative to traditional fossil fuels, but the intermittent nature of sunlight results in challenges associated with energy storage and transport. Photocatalytic carbon dioxide reduction intends to mimic natural photosynthesis for utilizing sunlight to chemically convert water and CO₂ into fuels. In this process, the solar energy is captured and stored in fuels, so-called solar fuels, for widespread on-demand use. Heterogeneous solar fuel production systems are multi-component, comprising light-harvesting (photosensitizer) and catalytic (cocatalyst) units. Cocatalysts are indispensable for photocatalytic CO₂ reduction systems, which promote charge carrier separation and transport, reduce the reaction activation energy, and alter the reaction route, thereby enhancing the activity and selectivity of the photocatalytic reactions. This review presents a comprehensive summary of the recent advancements in cocatalysts for photocatalytic CO₂ reduction reaction (CO₂RR), with the purpose of providing new insights and guidance to the field with regard to research directions and best practices. We summarize how various cocatalysts including inorganic nanoparticles, metal complexes, enzymes, and bacteria can be combined with semiconductor photosensitizer for light-driven photocatalytic CO₂RR. Side-by-side comparisons reveal the strengths and limitations of each kind of cocatalysts and how lessons extracted from studying natural photosynthetic systems can be applied to investigations of artificial photosynthesis, presenting an outlook discussing possible future concepts for a more effective photocatalytic CO₂ reduction process.