Aimed at obtaining economically valuable fuels or chemicals, the chemical conversion of CO2 provides a renewable utilization route for CO2, which is one of the ideal solutions to China's current carbon emission issue. Owing to the chemical stability of CO2 and complicated reaction pathways, however, the conversion and selectivity of reactions that convert CO2 are relatively low. The reduction reaction and combination reaction are the two major routes to convert CO2, which either involves the cleavage of C O bond or maintains the original valence state of carbon in CO2. In terms of bond cleaving reduction, the hydrogenation of CO2 has been demonstrated with industrially mature catalysts, but the single pass conversion and selectivity are still far from satisfactory, while the photoelectrochemical reduction of CO2 is still in the stage of laboratory research. In case of combination reactions that utilize CO2, it is possible to convert CO2 into carbonates or polycarbonates, as well as mineralization products. Yet the conversion and economic feasibility of these processes still need further improvements. Under this background, the National Key Research and Development Program of China initiates the “Key fundamental aspects in highly efficient CO2 conversion and utilization” Program. Future research endeavors will include the explanation of microscopic mechanism and energy transfer pathway during CO2 hydrogenation and photoelectrochemical reduction, and establishing more controllable synthesis methods of catalysts, which may lead to new breakthroughs of CO2 reduction. In addition, the interaction between CO2 and ionic liquids, and the associated catalytic process, as well as the agent enhanced reaction-transfer coupling mechanism will be explored. The phase transformation mechanisms during CO2 mineralization will also be investigated. These research endeavors will provide fundamental guidance for the mass conversion and utilization of CO2.