Surface-enhanced Raman spectroscopy (SERS) is a powerful analytical technique renowned for its ultra-high sensitivity. Extensive research in SERS has led to the development of a wide range of SERS substrates, including plasmonic metals, semiconductors, metal organic frameworks, and their assemblies. Some of these materials are also excellent photocatalysts, and by taking advantage of their bifunctional characteristics, the photocatalytic processes that occur on their surface can be monitored in situ via SERS. This provides us with unique opportunities to gain valuable insights into the intricate details of the photocatalytic processes that are challenging to access using other techniques. In this review, we highlight key development in in situ and/or real-time SERS-tracking of photocatalytic reactions. We begin by providing a brief account of recent developments in SERS substrates, followed by discussions on how SERS can be used to elucidate crucial aspects of photocatalytic processes, including: (1) the influence of the surrounding media on charge carrier extraction; (2) the direction of charge carrier transfer; (3) the pathway of photocatalytic activation; and (4) differentiation between the effects of photo-thermal and energetic electrons. Additionally, we discuss the benefits of tip-enhanced Raman spectroscopy (TERS) due to the ability to achieve high-spatial-resolution measurements. Finally, we address major challenges and propose potential directions for the future of SERS monitoring of photocatalytic reactions. By leveraging the capabilities of SERS, we can uncover new insights into photocatalytic processes, paving the way for advancements in sustainable energy and environmental remediation.