• The In/In2O3-VO configuration exhibits the lowest energy barrier (0.99 eV) for CO2 reduction to formate.
• An air-annealing strategy applied to In3+-adsorbed resin yields indium oxide catalysts with abundant oxygen vacancies (R-In2O3).
• In-situ spectroscopy confirms electrochemical reconstruction into In/In2O3 and stabilization of the HCOO* intermediate.
• R-In2O3 maintains >92% current efficiency for CO2-to-formate over 56 h at −250 mA·cm−2, demonstrating durable performance.