CO2 hydrogenation into value-added chemicals such as formic acid, formaldehyde, and methanol is a critical process in pursuing the reduction of greenhouse gas emissions and consolidating a low-carbon economy. In this review, we provide a comprehensive overview of the advancements in Ru-based heterogeneous catalysts for these transformations over the past six years. We emphasize the catalytic mechanisms underlying the hydrogenation reactions, delving into the key factors influencing catalyst performance, including Ru nanoparticle dispersion, support effects, nature of the catalyst, and reaction conditions. The review also explores the extensive characterization techniques used to elucidate catalyst structure and activity, highlighting how these insights contribute to the design of more efficient catalytic systems. Additionally, we present an overview of recent patents on Ru-based catalysts for CO2 hydrogenation, emphasizing their practical applications and industrial relevance, and indicating potential future developments in the field. Finally, the outcomes of this review also identify potential areas for further research and development, encouraging innovation in CO2 valorization through hydrogenation processes.