AbstractThe use of CO2 to produce value‐added energy chemicals is a promising means for renewable CO2 transformation in low‐carbon energy system, and CO2 methanation has attracted ever‐increasing interest. Herein, we report that the Ni/MCM‐41 catalyst with prominent cooperative effect of Ni and NiO is efficient for CH4 generation with CO2 conversion of 73.2 % and CH4 selectivity of 91.6 % at 400 °C and high gas hourly space velocity (GHSV) of 90000 mL gcat−1 h−1. Combined methodologies of in situ X‐ray diffraction, diffuse reflectance infrared Fourier transform spectroscopy, and ambient‐pressure X‐ray photoelectron spectroscopy reflect the structural evolvements of Ni/MCM‐41 catalyst, the presence of carbonyl intermediates, the co‐existence of metallic and oxidized Ni species with sufficient molar ratio of Ni0/Ni2+ under working conditions. H2 and CO2 molecules are preferentially adsorbed and chemically activated over Ni0 and Ni2+ species, respectively. The possible four‐step reaction mechanism involved carbonyl pathway and the cleavage of C=O bond from CO2 as the rate‐determining step over the engineered Ni/MCM‐41 catalyst was demonstrated.