After 40 years of research on photocatalytic CO2 reduction, there are still many unknowns about its mechanistic aspects even for the most common TiO2-based photocatalytic systems. These uncertainties include the pathways inducing visible-light activity in wide-band gap semiconductors, the charge transfer between semiconductors and plasmonic metal nanoparticles, the unambiguous determination of the origin of C-bearing products, the very first step in the activation of the CO2 molecule, the factors determining the selectivity, the reasons for photocatalyst deactivation, the closure of the catalytic cycle by the hole-scavenging reagent, and the detailed reaction pathways and the most suitable techniques for their determination. This Perspective discusses these controversial issues based on the most relevant investigations reported so far. For that purpose, we have tried to view the complex CO2 reduction in a holistic manner, considering today's state-of-the-art approaches, strategies, and techniques for the study of one of the hottest topics in energy research.