Abstract: The electroreduction of carbon dioxide (CO₂) driven by renewable energy is an important route for CO₂ conversion and utilization. Formic acid (HCOOH), as an important chemical and safe hydrogen storage material, is one of the main and promising materials for CO₂ electroreduction. The physical and chemical properties of CO₂ and the reaction mechanisms for its electroreduction to HCOOH are outlined and the recent development of carbon-based catalysts, including metal-free carbon catalysts and carbon-supported catalysts, for CO₂ electroreduction to HCOOH is reviewed. The design of reactors for HCOOH production and strategies for their optimization are summarized and discussed. Hybrid CO₂ electrolysis technology is analyzed, such as electroreduction coupled with the methanol electrooxidation reaction. Lastly, key challenges and development trends for CO₂ electroreduction to HCOOH are presented, which are expected to provide guidance for the development of this technique.