The development of low-cost and high-efficiency catalysts is very important to promote carbon dioxide reduction reaction (CO2RR). Metal phosphides (MPs) are promising catalysts for CO2 reduction because of their excellent electrical conductivity, good stability, high activity and selectivity. In this review, we summarize the latest progress of MPs in CO2RR from chemocatalysis, electrocatalysis and photocatalysis, and discuss in detail their advantages and catalytic mechanism. In the end, we provide some potential challenges and inspiring outlooks to serve as guidance for future research and practical applications of MPs in catalytic CO2 reduction.