The efficient conversion of carbon dioxide (CO2) to high-value chemicals using renewable solar energy is a highly attractive but very challenging process that is used to address ever-growing energy demands and environmental issues. In recent years, metal–organic frameworks (MOFs) have received significant research attention owing to their tuneability in terms of their composition, structure, and multifunctional characteristics. The functionalisation of MOFs by metal nanoparticles (NPs) is a promising approach used to enhance their light absorption and photocatalytic activity. The efficient charge separation and strong CO2 binding affinity of hybrid MOF-based photocatalysts facilitate the CO2 conversion process. This review summarises the latest advancements involving noble metal, non-noble-metal, and miscellaneous species functionalised MOF-based hybrid photocatalysts for the reduction of CO2 to carbon monoxide (CO) and other value-added chemicals. The novel synthetic strategies and their corresponding structure–property relationships have also been discussed for solar-to-chemical energy conversion. Furthermore, the current challenges and prospects in practical applications are also highlighted for sustainable energy production.