The past few years have witnessed a surge of interest in the development of carbon aerogel‐based photocatalysts, stemming from their fascinating characteristics that encompass the inherent properties of 2D carbon‐based nanomaterials and unique 3D structural features. Benefitting from their auspicious physicochemical characteristics, including low density, abundant active sites, and remarkable electrical conductivity, carbon aerogels have emerged as promising candidates for photocatalysis in energy and environmental applications. Thus, this review presents a panorama of state‐of‐the‐art advancements underlying the synthesis and modifications of carbon aerogel‐based nanocomposites for enhanced performance in photocatalytic applications. The synthetic strategies followed by the unique roles of carbon aerogel are highlighted to decipher the auspicious roles of carbon aerogels in bolstering photocatalytic activity. Additionally, the fundamental mechanism behind carbon aerogel‐based photocatalysts as well as their modifications are thoroughly discussed. Thereafter, the works on the photocatalytic applications of carbon aerogel in solar‐driven hydrogen evolution, CO₂ reduction, pollutant decontamination, and bacteria inactivation, in the past 5 years are summarized with insights into charge dynamics being unveiled. Lastly, this review will prospect the ongoing challenges and future outlook of carbon aerogel‐based heterostructures in photocatalysis, aiming to facilitate the development of carbon aerogel‐based photocatalysts at the forefront of this research.