A bis(pyridyl)amine‐bipyridine‐iron(II) framework (Fe(BPAbipy)) of complexes 1–3 is reported to shed light on the multistep nature of CO2 reduction. Herein, photocatalytic conversion of CO2 to CO even at low CO2 concentration (1 %), together with detailed mechanistic study and DFT calculations, reveal that 1 first undergoes two sequential one‐electron transfer affording an intermediate with electron density on both Fe and ligand for CO2 binding over proton. The following 2 H+‐assisted Fe‐CO formation is rate‐determining for selective CO2‐to‐CO reduction. A pendant, proton‐shuttling α‐OH group (2) initiates PCET for predominant H2 evolution, while an α‐OMe group (3) cancels the selectivity control for either CO or H2. The near‐unity selectivity of 1 and 2 enables self‐sorting syngas production at flexible CO/H2 ratios. The unprecedented results from one kind of molecular catalyst skeleton encourage insight into the beauty of advanced multi‐electron and multi‐proton transfer processes for robust CO2RR by photocatalysis.