The electrocatalytic carbon dioxide (CO2) reduction reaction (CO2RR) into hydrocarbons is a promising approach for greenhouse gas mitigation, but many details of this dynamic reaction remain elusive. Here, time‐resolved surface‐enhanced Raman spectroscopy (TR‐SERS) is employed to successfully monitor the dynamics of CO2RR intermediates and Cu surfaces with sub‐second time resolution. Anodic treatment at 1.55 V vs. RHE and subsequent surface oxide reduction (below −0.4 V vs. RHE) induced roughening of the Cu electrode surface, which resulted in hotspots for TR‐SERS, enhanced time resolution (down to ≈0.7 s) and fourfold improved CO2RR efficiency toward ethylene. With TR‐SERS, the initial restructuring of the Cu surface was followed (<7 s), after which a stable surface surrounded by increased local alkalinity was formed. Our measurements revealed that a highly dynamic CO intermediate, with a characteristic vibration below 2060 cm−1, is related to C−C coupling and ethylene production (−0.9 V vs. RHE), whereas lower cathodic bias (−0.7 V vs. RHE) resulted in gaseous CO production from isolated and static CO surface species with a distinct vibration at 2092 cm−1.