Abstract: The conversion of CO₂ into high value-added chemicals with green hydrogen is of great significance in the resource utilization of CO₂, which effectively alleviates the ecological and environmental problems caused by excessive CO₂ emissions while improving energy efficiency. Recently, thermal-catalytic CO₂ hydrogenation have developed rapidly to produce a variety of renewable chemicals. Compared with gaseous product （such as CH₄ and CO）, the resulting liquid products, such as methanol, gasoline, and aviation kerosene, are preferred due to their advantages of high energy density as well as easy storage and transportation, and have received extensive attention from both academia and industry. However, considering the chemical inertness of CO₂ molecules and the high energy barrier of C—C bond coupling, the activation of CO₂ and the selective conversion to liquid products are extremely challenging. Key issues such as low conversion per pass of CO₂, high selectivity of by-products such as CO, and easy deactivation of catalysts are still present. Herein, recent advancements of CO₂ hydrogenation to liquid products are systematically summarized. The mechanism of CO₂ hydrogenation to liquid products is introduced from the viewpoint of reaction pathway. Moreover, the design strategies of efficient catalysts are elaborated in detail. The effects of size, exposed facets, defect sites, alkali metal promoters, transition metal promoters, supports, surface groups, and hydrophilicity on the catalytic activity, selectivity, and stability are systematically summarized. In addition, the mechanisms of constructing and regulating the multifunctional active sites of catalysts in CO₂ hydrogenation to liquid products are also introduced from different scales. Future perspectives for the further development of CO₂ catalytic hydrogenation to liquid products are finally proposed. The fine design of catalysts, exploration of process conditions, optimization of reactors, and research on catalytic mechanism at the atomic and molecular levels will greatly promote the practical process of CO₂ hydrogenation to liquid products technology.