Photocatalytic CO2 reduction (CO2PR) into multi‐carbon products (especially C2H4) is a highly attractive route for global carbon cycle, however, which is seriously limited by sluggish C‐C coupling kinetics and competitive hydrogen evolution reaction (HER) and so on. Herein, the fabrication of a novel supramolecular assembly of NiAl‐Fe‐TCPP is reported by intercalating iron porphyrin (Fe‐TCPP) into NiAl‐layered double hydroxide (NiAl‐LDH), and the resultant NiAl‐Fe‐TCPP exhibit superior catalytic performance on CO2PR to C2H4 under visible light irradiation in presence of photosensitizer. A high C2H4 selectivity up to 93.4% in the carbon‐containing products with the production rate as high as 24.7 µmol h−1 can be achieved over NiAl‐Fe‐TCPP. The ex/in situ X–ray absorption spectoscopy (XAS) indicates that the electron transfer between NiAl‐LDH and Fe‐TCPP can promote the generation of low‐valence of Fe sites, resulting in the efficient production of C2H4. The spin‐polarized density functional theory (DFT) calculations find that the synergistic mechanism that CO2 molecules are activated to CO on NiAl‐LDH and then spilled to Fe‐TCPP and coupled to COCHO#, which is further reduced to C2H4, are feasible in the perspective of Gibbs free energy. Moreover, the strong host‐guest interactions between NiAl‐LDH and Fe‐TCPP lead to the promoted photocatalytic activity and superior cycle stability.