Hydrogen peroxide (H2O2) is vital in versatile applications and has attracted significant attention. Carbon-based semiconductors are recognized as promising candidates for photocatalytic (PC) H2O2 synthesis. This review provides a comprehensive overview of the latest advancements in PC H₂O₂ production, focusing on systems such as metal-organic frameworks (MOFs), graphite carbon nitride (CN), and covalent organic frameworks (COFs). It delves into the fundamental mechanisms of PC H₂O₂ generation, mainly through oxygen reduction and water oxidation reactions. It discusses various modification approaches to enhance the separation and transportation of photoinduced charge carriers in these materials. Additionally, the review explores the challenges and future opportunities within this field. In light of the growing interest in environmentally friendly and cost-effective methods of H₂O₂ production, this review emphasizes the necessity of a detailed examination of carbon-based photocatalysts capable of meeting these demands. By consolidating current research, identifying gaps, and highlighting the importance of further innovation, this review aims to advance the development of economically viable carbon-based photocatalysts. The insights are expected to guide future research and development efforts, ultimately contributing to the advancement of sustainable H₂O₂ production technologies.