The photocatalytic activity of TiO2 depends on numerous factors, such as the chemical potential of electrons, charge transport properties, band-gap energy, and concentration of surface-active sites. A lot of research has been dedicated to determining the properties that have the most significant influence on the photocatalytic activity of semiconductors. Here, we demonstrated that the activity of TiO2 in the gas-phase reduction of CO2 is governed mainly by the desorption rate of the reaction intermediates and final products. This indicates that the specific surface area of TiO2 and binding strength of reaction intermediates and products are the main factors affecting the photocatalytic activity of TiO2 in the investigated process. Additionally, it was shown that rutile exhibits higher photocatalytic activity than anatase/rutile mixtures mainly due to its high efficiency in the visible portion of the electromagnetic spectrum.