Photothermal regulation concerning solar harvesting and repelling has recently attracted significant interest due to the fast-growing research focus in the areas of solar heating for evaporation, photocatalysis, motion, and electricity generation, as well as passive cooling for cooling textiles and smart buildings. The parallel development of photothermal regulation strategies through both material and system designs has further improved the overall solar utilization efficiency for heating/cooling. In this review, we will review the latest progress in photothermal regulation, including solar heating and passive cooling, and their manipulating strategies. The underlying mechanisms and criteria of highly efficient photothermal regulation in terms of optical absorption/reflection, thermal conversion, transfer, and emission properties corresponding to the extensive catalog of nanostructured materials are discussed. The rational material and structural designs with spectral selectivity for improving the photothermal regulation performance are then highlighted. We finally present the recent significant developments of applications of photothermal regulation in clean energy and environmental areas and give a brief perspective on the current challenges and future development of controlled solar energy utilization.