With the rapid development of society, the burden of energy and the environment is becoming more and more serious. Photocatalytic hydrogen production, the photosynthesis of organic fuel, and the photodegradation of pollutants are three effective ways to reduce these burdens using semiconductor photocatalysts. To improve the reaction efficiency of photocatalysts, a small amount of cocatalyst is often added when photocatalysts participate in the synthesis or decomposition reaction. The addition of this small amount of cocatalyst is like a finishing touch, significantly increasing the activity of the photocatalysts. However, in our common study of photocatalysis, we often pay attention to the study of photocatalysts but ignore the study of cocatalysts. Herein, we summarize the recent application research on cocatalysts in the field of photocatalysis, starting from the types, preparation methods, and reaction mechanisms among others, to remind researchers of the matters needing attention when using cocatalysts.