Photocatalytic oxidation of methanol on various anatase TiO2 nanocrystals was studied by in situ and time‐resolved characterizations and DFT calculations. Surface site and resulting surface adsorbates affect the surface band bending/bulk‐to‐surface charge migration processes and interfacial electronic structure/interfacial charge transfer processes. TiO2 nanocrystals predominantly enclosed by the {001} facets expose a high density of reactive fourfold‐coordinated Ti sites (Ti4c) at which CH3OH molecules dissociate to form the CH3O adsorbate (CH3O(a)Ti4c). CH3O(a)Ti4c localized density of states are almost at the valence band maximum of TiO2 surface, facilitating the interfacial hole transfer process; CH3O(a)Ti4c with a high coverage promotes upward surface band bending, facilitating bulk‐to‐surface hole migration. CH3O(a)Ti4c exhibits the highest photocatalytic oxidation rate constant. TiO2 nanocrystals enclosed by the {001} facets are most active in photocatalytic methanol oxidation.