Electrocatalytic CO2 reduction (ECR) to high-value fuels and chemicals offers a promising conversion technology for achieving sustainable carbon cycles. In recent years, although great efforts have been made to develop high-efficiency ECR catalysts, challenges remain in achieving high activity and long durability simultaneously. Taking advantage of the adjustable structure, tunable component, and the M–Ch (M = Sn, In, Bi, etc., Ch = S, Se, Te) covalent bonds stabilized metal centers, the p-block metal chalcogenides (PMC) based electrocatalysts have shown great potential in converting CO2 into CO or formates. In addition, the unique p-block electron structure can suppress the competitive hydrogen evolution reaction and enhance the adsorption of ECR intermediates. Seeking to systematically understand the structure–activity relationship of PMC-based ECR catalysts, this review summarizes the recent advances in designing PMC electrocatalysts for CO2 reduction based on the fundamental aspects of heterogeneous ECR process, including advanced strategies for optimizing the intrinsic activity and improving the loading density of catalytic sites, constructing highly stable catalysts, and tuning product selectivities. Subsequently, we outline the challenges and perspectives on developing high-performance PMC ECR catalysts for practical applications.