Metal‐oxide photocatalysts have demonstrated great potential in photocatalytic H2O2 production. This review focuses on metal‐oxide‐based photocatalytic materials for H2O2 production and systematically discusses their pros and cons, modification strategies for enhanced performance, and prospects on future research directions. This review also summarizes the quantification methods for H2O2 and associated intermediates to provide guidance for future research in this area. Hydrogen peroxide (H2O2) is a mild but versatile oxidizing agent with extensive applications in bleaching, wastewater purification, medical treatment, and chemical synthesis. The state‐of‐art H2O2 production via anthraquinone oxidation is hardly considered a cost‐efficient and environment‐friendly process because it requires high energy input and generates hazardous organic wastes. Photocatalytic H2O2 production is a green, sustainable, and inexpensive process which only needs water and gaseous dioxygen as the raw materials and sunlight as the power source. Inorganic metal oxide semiconductors are good candidates for photocatalytic H2O2 production due to their abundance in nature, biocompatibility, exceptional stability, and low cost. Progress has been made to enhance the photocatalytic activity toward H2O2 production, however, H2O2 photosynthesis is still in the laboratory research phase since the productivity is far from satisfaction. To inspire innovative ideas for boosting the H2O2 yield in photocatalysis, the most well‐studied metal oxide photocatalysts are selected and the modification strategies to improve their activity are listed. The mechanisms for H2O2 production over modified photocatalysts are discussed to highlight the facilitating role of the modification methods. Besides, methods for the quantification of H2O2 and associated radical intermediates are provided to guide future studies in this field.