The increasing levels of carbon dioxide (CO2) in the atmosphere, primarily due to the use of fossil fuels, pose a significant threat to the environment and necessitate urgent action to mitigate climate change. Carbon capture and utilization technologies that can convert CO2 into economically valuable compounds have gained attention as potential solutions. Among these technologies, biocatalytic CO2 hydrogenation using bacterial whole cells shows promise for the efficient conversion of CO2 into formate, a valuable chemical compound. Although it was discovered nearly a century ago, comprehensive reviews focusing on the utilization of whole-cell bacteria as the biocatalyst in this area remain relatively limited. Therefore, this review provides an analysis of the progress, strategies, and key findings in this field. It covers the use of living cells, resting cells, or genetically modified bacteria as biocatalysts to convert CO2 into formate, either naturally or with the integration of electrochemical and protochemical techniques as sources of protons and electrons. By consolidating the current knowledge in this field, this review article aims to serve as a valuable resource for researchers and practitioners interested in understanding the recent progress, challenges, and potential applications of bacterial whole cell catalyzed CO2 hydrogenation into formate.