Rational construction of Z-scheme photocatalysts and exploration of the Z-scheme charge transfer mechanism have drawn much attention in the field of CO2 reduction because of its great potential to alleviate energy crisis and environmental problems. In this study, a series of Z-scheme CdS/BiOI composites were constructed by depositing CdS nanoparticles on the surface of BiOI nanosheets. The synthesized materials were characterized comprehensively, and their photoreduction CO2 activities were evaluated. The results show that the composites exhibit higher photoreduction CO2 activity under visible light irradiation (λ > 400 nm) than pure CdS and BiOI. The yields of CO and CH4 for the optimal composite after 3 h irradiation are 3.32 and 0.54 μmol/g, respectively. The improved photocatalytic activity is attributed to Z-scheme transfer mode of the photogenerated charges in the composites. The mechanism of CO2 reduction is proposed and verified experimentally.