g-C3N4, with specific surface area up to 513 m2/g, was prepared via three successive thermal treatments at 550 °C in air with gradual precursor mass decrease. The obtained bulk and exfoliated (1ex, 2ex and 3ex) g-C3N4 were characterized and tested as photocatalysts for H2 production, CO2 reduction and NOx oxidation. The exfoliated samples demonstrated graphene-like morphology with detached (2ex) and sponge-like framework (3ex) of layers. The surface area increased drastically from 20 m2/g (bulk) to 513 m2/g (3ex). The band gap (Eg) increased gradually from 2.70 to 3.04 eV. Superoxide radicals (·O2−) were mainly formed under UV and visible light. In comparison to the bulk, the exfoliated g-C3N4 demonstrated significant increase in H2 evolution (~6 times), CO2 reduction (~3 times) and NOx oxidation (~4 times) under UV light. Despite the Eg widening, the photocatalytic performance of the exfoliated g-C3N4 under visible light was improved too. The results were related to the large surface area and low e−-h+ recombination. The highly exfoliated g-C3N4 demonstrated selectivity towards H2 evolution reactions.