Photosynthesis has been for many years a fascinating source of inspiration for the development of model systems able to achieve efficient light‐to‐chemical energetic transduction. This field of research, called “artificial photosynthesis,” is currently the subject of intense interest, driven by the aim of converting solar energy into the carbon‐free fuel hydrogen through the light‐driven water splitting. In this review, we highlight the recent achievements on light‐driven water oxidation and hydrogen production by molecular catalysts and we shed light on the perspectives in terms of implementation into water splitting technological devices.