Carbon dioxide (CO2) emission due to urbanization and industrialization are the key factors behind global warming and climate changes. United Nations in 2018, stated that, due to CO2 emissions, earth's temperature would increase 1.5 degrees C between 2032 and 2050. Variation in climatic conditions will definitely have a huge impact on human health and ecosystem. To mimic the CO2 emission, various countries have put forward laws and policies. This review focuses primarily on the biological and photocatalytic reduction of CO2 to valuable products like chemicals and fuels. This review provides valuable information on the reduction of CO2 to valuable products and benefits the researchers, academics, and industrial personnel on resource recovery concepts. Photo reactor design and operating conditions define the level of CO2 conversion efficiency. Algae-based CO2 utilization and recovery of products from algae biomass are explored for biofuel production process. However, the storage capacity of products, bulk processing of CO2 are needed in future research perspectives. Overall, this study strongly contributes towards achieving sustainable development goals (SDGs). (c) 2025 Society of Chemical Industry (SCI).