There have been some theoretical efficiency evaluations of systems storing solar energy as chemical fuels in the literature [11], [12], [13], [14], [15]. For example, Bolton et al. [11] provided a theoretical estimation of the solar fuel conversion efficiency. The incident photon absorption, the chemical energy yield, and the product conversion were considered. The solar-to-fuel (STF) efficiency amounted to 10% to 13%. For the sake of simplicity, the photon-generated charge carrier behaviors of photocatalysts were neglected. Fountaine et al. [13] built a theoretical model for analyzing efficiencies of the photo-electrochemical (PEC) water splitting system and predicted the limiting efficiency 30.6% of the PEC system, but the important surface reaction process was not discussed. Takanabe et al. [14] recently reported numerical simulations of the particulate photocatalytic water splitting system based on the Poisson’s equation. Ardo et al. [15] calculated theoretical efficiencies of tandem Z-scheme solar water splitting devices. The photocatalyst bandgap was considered in the study, and the optimal parameter was given to get the limiting STF efficiency. However, these reported models neglected the surface chemical process while focus on photo-physical or/and -electric phenomena inside photocatalysts. Photocatalytic reduction includes photo-generated charge carrier behaviors inside photocatalysts and surface reactions, so both of them should be considered in evaluating the STF efficiency. Especially for the photocatalytic CO2 reduction in water, the gas adsorption is of the first concern during the complicated gas-liquid-solid reaction because the reaction kinetics is highly correlated with the surface gas concentration [16]. Furthermore, CO2 reduction reactions are multi-electron transfer processes driven without sacrificial agents, leading to complicated pathways, and different product types. Nevertheless, an analysis of the whole photocatalytic reduction processes is still missing. Therefore, it is necessary to establish a comprehensive model for conducting the efficiency assessment of the water-based photocatalytic CO2 reduction system.