The construction of S‐scheme heterojunctions has been widely used in photocatalytic reduction of CO2, and their interfacial charge transfer separation plays an important role. Herein, an S‐scheme CuO/CdS heterojunction has been designed and fabricated by a simple water bath method. Its excellent photocatalytic activity is achieved by the in situ growth of CdS particles on a CuO lamellar structure, a composite structure that provides a large number of active sites and improves CO2 absorption, resulting in a catalyst with excellent photocatalytic activity. The CO yield of the optimized sample can reach 152.16 μmol g−1 h−1, which is 7 and 10 times higher than that of CuO and CdS, respectively. In addition, electron spin resonance, UV photoelectron spectroscopy, and in situ X‐ray photoelectron spectroscopy are used to investigate the possible charge transfer mechanism, and the present study may provide effective insights into the design of S‐scheme heterojunction catalysts.