Dual-channel redox reaction system is advantageous for photocatalytic hydrogen (H2) production when coupled with photoreforming oxidation of waste materials, benefiting both thermodynamically and kinetically. However, existing reviews primarily focus on specific oxidation reactions, such as oxidative organic synthesis and water remediation, often neglecting recent advancements in plastic upgrading, biomass conversion, and H2O2 production, and failing to provide an in-depth discussion of catalytic mechanisms. This review addresses these gaps by offering a comprehensive overview of recent advancements in dual-channel redox reactions for photocatalytic H2-evolution and waste photoreforming. It highlights waste-to-wealth design concepts, examines the challenges, advantages and diverse applications of dual-channel photocatalytic reactions, including photoreforming of biomass, alcohol, amine, plastic waste, organic pollutants, and H2O2 production. Emphasizing improvement strategies and exploration of catalytic mechanisms, it includes advanced in-situ characterization, spin capture experiments, and DFT calculations. By identifying challenges and future directions in this field, this review provides valuable insights for designing innovative dual-channel photocatalytic systems.