Photoelectrochemical (PEC) catalysis provides the most promising avenue for producing value‐added chemicals and consumables from renewable precursors. Over the last decades, PEC catalysis, including reduction of renewable feedstock, oxidation of organics, and activation and functionalization of C‐C and C‐H bonds, are extensively investigated, opening new opportunities for employing the technology in upgrading readily available resources. However, several challenges still remain unsolved, hindering the commercialization of the process. This review offers an overview of PEC catalysis targeted at the synthesis of high‐value chemicals from sustainable precursors. First, we recall the fundamentals of evaluating PEC reactions in the context of value‐added product synthesis at both anode and cathode. Then, we highlight the common photoelectrode fabrication methods that have been employed to produce thin‐film photoelectrodes. Next, we systematically review and discuss the advancements in the PEC conversion of various feedstocks to produce highly valued chemicals. Finally, we present the challenges and prospects in the field. This review aims at facilitating further development of PEC technology for upgrading several renewable precursors to value‐added products and other pharmaceuticals.This article is protected by copyright. All rights reserved