Electro/photo-catalytic CO2 reduction to value-added chemicals and fuels is being actively studied as a promising pathway for renewable energy storage and climate change mitigation. Since the inert molecular properties and the competing hydrogen generation reaction, the development of high-performance electrocatalysts with high Faradaic efficiency and product selectivity but low overpotential is in urgent need. Polyoxometalate (POM) is a class of polynuclear metal oxide clusters with precise atomic structure, thus providing ideal research platform to reveal the relationship between macroscopic properties and microstructure. Moreover, the highly tunable redox properties and the abundant transition-metal atom composition ensure thriving research for POM-based nanostructures towards CO2 reduction. In this review, we firstly introduce the specific roles of POM in electro/photo-catalytic CO2 reduction. The recent advances in POM-based nanostructures ranging from single cluster, assemblies, organic-inorganic hybrids, to derivatives are systematically summarized. Particularly, the structure-performance relationship of POM-based nanostructures is discussed at the atomic and molecular level. Finally, the challenges and opportunities in the design of high-efficiency POM-based nanostructures are proposed for inspiring the development of electro/photo-catalytic CO2 reduction field.