Nowadays, due to the increasing problems caused by global warming, researchers have proposed several methods to reduce carbon dioxide emissions in the atmosphere. Among the conventional methods, the processes of Carbon Capture and Storage (CCS) and carbon dioxide conversion to useful products are great of importance. Meanwhile, photocatalytic conversion of CO2 to valuable chemicals and hydrocarbon fuels, not only reduces concerns about the accumulation of this polluting gas but also creates a new pathway for the synthesis of carbon-dioxide derived compounds. This review article at first briefly studies carbon dioxide conversion technologies and then discusses the principles of carbon dioxide photocatalytic conversion. The main purpose of this paper is to investigate the effects of reducing agents among the various factors affecting the photocatalytic conversion of CO2. Therefore, the effects of different reducing agents such as liquid water, steam, and hydrogen gas on carbon dioxide conversion and product distribution are studied. The results of this study indicate that various reducing agents cause different reaction mechanisms, and ultimately lead to the production of various products such as methanol, methane, formic acid, formaldehyde, and carbon monoxide. Next, in order to create the optimal conditions for conducting a reaction toward the desired product distribution with the highest yield, several reactions performed in the presence of these three reducing agents are compared. The selectivity of the conversion reaction is higher toward methanol in the presence of water. It means methanol is produced at a higher rate. However, the major products of photocatalytic reduction of carbon dioxide in the gas phase and in the presence of water vapor and hydrogen are methane and carbon monoxide.