The electrochemical reduction of carbon dioxide (CO2) into value-added chemicals and fuels has been extensively studied as a promising strategy for mitigating environmental issues and achieving sustainable energy conversion. Substantial efforts have been made to improve the understanding of CO2 reduction reaction (CO2RR) mechanisms by computational and spectroscopic studies. An in-depth understanding of CO2RR mechanism can provide the guidance and criteria for designing high-efficiency catalysts, and hence, steering CO2RR to desired products. This review systematically discusses the formation mechanisms and reaction pathways of various CO2RR products, including C1 products (CO, HCOOH, and CH4), C2 products (C2H4, C2H5OH, and CH3COOH), and C3+ products (C3H6, C3H7OH, and others). The reaction pathways are elucidated by analyzing the adsorption behavior, energy barriers, and intermediate coupling steps involved in the generation of each product. Particular emphasis is placed on the key intermediates, such as *OCHO, *COOH, *CO, *OCCOH, and *CCO, which play crucial roles in determining the product selectivity. The effects of catalyst composition, morphology, and electronic structure on the adsorption and activation of these intermediates are also discussed. Moreover, advanced characterization techniques, including in-situ spectroscopy and isotopic labeling experiments, are highlighted for their contributions to unraveling the reaction mechanisms. The review aims to provide critical insights to reveal the activity-determining parameters and underlying CO2RR mechanisms, which will guide the rational design of next-generation electrocatalysts for selective CO2RR towards high-value products.
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