In this review, we provide a brief history, progress, and applications, and discuss the remaining challenges of photocontrolled reversible addition–fragmentation chain transfer (RAFT) polymerization (i.e., photoinduced electron/energy transfer-RAFT (PET-RAFT), photoiniferter, and photomediated cationic RAFT polymerization). Among these, visible-light-driven RAFT polymerization has attracted particular attention in recent years due to its benefits, including low energy consumption and the safe reaction procedure. Moreover, the incorporation of visible-light photocatalysis in the polymerization has conferred attractive features, such as spatiotemporal control and oxygen tolerance; however, a clear understanding of the reaction mechanism has not been completely provided. We also present recent research efforts to elucidate the polymerization mechanisms with the aid of quantum chemical calculations combined with experimental evidence. This review offers an insight into the better design of polymerization systems for desired applications and helps realize the full potential of photocontrolled RAFT polymerization in both academic- and industrial-scale applications.