The combination of carbon quantum dots (CQDs) with oxygen vacancies (OVs) provides a promising approach to achieving efficient photocatalytic nitrogen fixation. It was by a hydrothermal method that CQDs-modified CeO2 composites (CQDs/CeO2) were synthesized. The synergistic effects of CQDs and OVs on CeO2 photocatalyst enhanced interfacial electron transfer capabilities, thus the photocatalytic nitrogen fixation was significantly enhanced. CQDs/CeO2 exhibited the most superior efficiency in photocatalytic nitrogen fixation, reaching 826 μmol·g−1·h−1, when the addition of CQDs was 200 µL. It was the introduction of CQDs that effectively regulated the concentration of OVs. OVs captured the electrons, thus promoting electron transfer. This enhancement not only improved the electron-hole separation efficiency in CQDs/CeO2 but also greatly promoted the adsorption and activation of N2 by OVs. This work offered a novel strategy for designing efficient photocatalysts for nitrogen fixation.