Rapid industrial advancement over the last few decades has led to an alarming increase in pollution levels in the ecosystem. Among the primary pollutants, harmful organic dyes and pharmaceutical drugs are directly released by industries into the water bodies which serves as a major cause of environmental deterioration. This warns of a severe need to find some sustainable strategies to overcome these increasing levels of water pollution and eliminate the pollutants before being exposed to the environment. Photocatalysis is a well‐established strategy in the field of pollutant degradation and various metal oxides have been proven to exhibit excellent physicochemical properties which makes them a potential candidate for environmental remediation. Further, with the aim of rapid industrialization of photocatalytic pollutant degradation technology, constant efforts have been made to increase the photocatalytic activity of various metal oxides. One such strategy is the introduction of defects into the lattice of the parent catalyst through doping or vacancy which plays a major role in enhancing the catalytic activity and achieving excellent degradation rates. This review provides a comprehensive analysis of defects and their role in altering the photocatalytic activity of the material. Various defect‐rich metal oxides like binary oxides, perovskite oxides, and spinel oxides have been summarized for their application in pollutant degradation. Finally, a summary of existing research, followed by the existing challenges along with the potential countermeasures has been provided to pave a path for the future studies and industrialization of this promising field.