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[Display omitted] • Oxygen vacancies fundamentals and importance in photocatalysis. • Oxygen vacancies rich heterojunction-Synthetic strategies. • OVs rich Z-scheme and S-scheme heterojunctions- Photocatalytic mechanism. • Applications for Hydrogen production and water treatment. • The existing challenges and future perspectives. Photocatalytic removal of pollutants and energy production is a green, low cost and environment friendly technology for addressing the mounting pressure of energy crisis and environmental deterioration. Developing efficient photocatalysts is still a big challenge for accelerating the photocatalytic hydrogen production and pollutant degradation especially utilizing solar light. Therefore, constructing oxygen vacancies rich Z-scheme and S-scheme semiconductor heterojunctions emerged as a promising approach to enhance the light harvesting and increasing the redox capability of photocatalysts. This review comprehensively summarises the state of art focus on oxygen vacancy's role in photocatalysts especially in Z-scheme and S-scheme heterojunctions including synthesis process and modifications. In particular, the functions of oxygen vacancy in supporting the main processes in photocatalytic energy production and pollutant removal, such as light absorption, charge separation and conversion are highlighted in this review. The current issues and future prospective in oxygen vacancies rich heterojunctions for efficient photocatalytic removal of pollutant and energy production are also addressed. Finally, a brief discussion on challenges and future prospects is demonstrated. [ABSTRACT FROM AUTHOR]