In order to improve photocatalytic performance, Bi2WO6 (BWO) with oxygen vacancies (Vo) and in-situ loaded Bi clusters was prepared by using mild aluminothermic reduction. From morphological and structural characterization, it can be seen that Bi clusters gradually precipitates from the surface of BWO owing to oxygen vacancies as annealing temperature increases. The photocatalyst annealed at 450 ℃ (Bi-Vo-BWO-450) demonstrates the best photocatalytic CO2 reduction performance with CO and CH4 production rate reaching 5.94 and 1.18 µmol·g−1·h−1, respectively. From experimental analyses and first principles calculation, in-situ Bi clusters exhibit the unique surface plasma resonance (SPR) effect and induce the formation of internal electric field by Schottky barrier between Bi and BWO, which enhance the light absorption of photocatalyst and improve charge separation and transfer efficiency. Meanwhile, Bi clusters act as the surface active sites to activate CO2 adsorption for reducing the rate-limiting potential barrier in photocatalytic CO2 reduction, and improve the activity of oxygen vacancies by preventing the oxygen-containing groups from being adsorbed at the oxygen defect site. This work has a clear understanding of the synergetic effect between Bi clusters and oxygen vacancies, and provides a new enlightenment into high-efficiency catalyst.