The escalating emissions of greenhouse gases into atmosphere have precipitated a host of ecology and environmental concerns. Electrochemical reduction of CO2 (CO2RR) is emerging as a sustainable solution for effectively addressing these issues. Leveraging the cost-effectiveness and eco-friendly attributes, Bi-based catalysts have been extensively studied with the purpose of enhancing activity and stability. This minireview majorly overviews the research advancements in Bi-based catalysts for CO2 electrocatalysis towards formic acid/formate production. Initially, we offer a concise overview of the reaction pathways involved in electrochemical CO2 reduction. Subsequently, we summarize the progress in various types of electrolysis cells and associated influencing factors. Specifically, the electronic structure modulation strategies of Bi-based catalysts including oxide-derived bismuth, bismuth-based chalcogenides, bimetallic and high-entropy compounds, etc. have been highlighted. Future research endeavors are poised to delve deeper into comprehending system dynamics during the reaction process to achieve exemplary stability high energy efficiency under industrial conditions.