Electrochemical CO₂ reduction has favorable industrial relevance due to its integrability with renewable energies and controllable product generation. Bismuth-based catalysts have emerged as promising candidates in this regard due to their intriguing electrochemical properties and cost-effectiveness. This review focuses on recent advances in bismuth-based catalysts for the electrochemical reduction of CO₂, including synthesis methods and approaches for performance improvements. Insights into product formations using Bi-based catalysts are also presented, where in situ FTIR and Raman spectroscopic studies are highlighted to understand the structural evolution of the catalysts and to decipher the mechanisms of CO₂ reduction. Further, recent progress of electrochemical CO₂ reduction from an industrial perspective and strategies for further development of the bismuth-based catalysts with high activity, selectivity and stability towards practical applications are discussed.