The utilization of CO2 for the production of useful chemicals using heterogeneous catalysts is one of the ways to reduce the anthropogenic greenhouse gases in the atmosphere. In many cases, the CO2 conversion and products yield are still considered very low and need to be operated at high pressure and temperature. The critical point in CO2 conversion is to activate the CO2 molecules either by adding a co-reactant or by using effective catalysts. This paper presents the current development on the effect of several precursors like metals, metal oxides, ionic liquids, and acid–base loaded on a suitable support in creating magical properties of catalysts on the performance of CO2 conversion. Cu/ZnO-based catalysts, ionic liquid-based catalysts, and metal oxides-based catalysts are reported to be the most effective catalysts in the formation of methanol, cyclic carbonates and dimethyl carbonate. This review also focuses on various strategies and developments in altering heterogeneous catalysts, followed by critical factors of CO2 molecule activation, and the optimization of the catalytic activity or catalysts reusability.