Generating charge carriers with lifetimes long enough to drive catalysis is a critical aspect for both photoelectrochemical and photocatalytic systems and a key determinant of their efficiency. This review addresses the charge carrier dynamics underlying the performance of metal oxides as photoanodes and their ability to drive photoelectrochemical water oxidation, alongside wider comparison with metal oxide function in photocatalytic and electrocatalytic systems. We start by highlighting the disparity between the ps–ns lifetimes of electron and holes photoexcited in bulk metal oxides versus the ms –s timescale of water oxidation catalysis. We go onto review recent literature of the dominant kinetic processes determining photoanode performance, namely charge generation, polaron formation and charge trapping, bulk and surface recombination, charge separation and extraction, and finally the kinetics of water oxidation catalysis. With each topic, we review current understanding and note areas of remaining uncertainty or controversy. We discuss the potential for material selection and examine approaches such as doping, nanostructuring, junction formation and/or co-catalyst deposition to enhance performance. Critically, we examine how such performance enhancements can be understood from analyses of carrier dynamics and propose design guidelines for further material or device optimisation.