Over the past decade, porous organic polymers (POPs) have emerged as powerful photocatalysts for organic transformations and wastewater decontamination. The surface properties and pore space of POPs have been tailored to find optimal physical dimensions for adsorption and catalysis, whereas playing with the donor-acceptor building units lends them unique prospects for bandgap engineering, beneficial for customized applications including the degradation of simple as well as persistent pollutants. Here in this critical perspective, we focused beyond these generic scenarios and provided a detailed physicochemical explanation for the experimental observations. Considering the invaluable role of excitons, along with mobile electrons and holes, we fundamentally justified the reactivities of POPs with regard to water treatment. Both semiconducting and molecular catalyst approaches have been considered for different types of POPs. Depending on the porosity, structural formation and defects in the POP backbone, the exciton formation, charge separation, charge diffusion, etc. are critically explained, highlighting the influence of the dielectric constant and skeletal polarizability of the material. The translation of this fundamental understanding to various reactive oxygen species generation through charge transfer (e.g., O2˙-) and exciton-exciton annihilation (e.g., 1O2) by proximity-induced FRET or Dexter pathways is discussed. The role of the hydrophilic POP skeleton in overall in-water photochemical applications is also discussed. Finally, the gaps in the current state-of-the-art are considered and the future prospects to mitigate these issues are argued.