Recently, polymeric carbon nitride (g-C3N4) as a proficient photo-catalyst has been effectively employed in photocatalysis for energy conversion, storage, and pollutants degradation due to its low cost, robustness, and environmentally friendly nature. The critical review summarized the recent development, fundamentals, nanostructures design, advantages, and challenges of g-C3N4 (CN), as potential future photoactive material. The review also discusses the latest information on the improvement of CN-based heterojunctions including Type-II, Z-scheme, metal/CN Schottky junctions, noble metal@CN, graphene@CN, carbon nanotubes (CNTs)@CN, metal-organic frameworks (MOFs)/CN, layered double hydroxides (LDH)/CN heterojunctions and CN-based heterostructures for H-2 production from H2O, CO2 conversion and pollutants degradation in detail. The optical absorption, electronic behavior, charge separation and transfer, and bandgap alignment of CN-based heterojunctions are discussed elaborately. The correlations between CN-based heterostructures and photocatalytic activities are described excessively. Besides, the prospects of CN-based heterostructures for energy production, storage, and pollutants degradation are discussed.