Photothermal catalytic CO2 hydrogenation holds great promise for relieving the global environment and energy crises. The “nano-greenhouse effect” has been recognized as a crucial strategy for improving the heat management capabilities of a photothermal catalyst by ameliorating the convective and radiative heat losses. Yet it remains unclear to what degree the respective heat transfer and mass transport efficiencies depend on the specific structures. Herein, the structure-function relationship of the “nano-greenhouse effect” was investigated and optimized in a prototypical Ni@SiO2 core-shell catalyst towards photothermal CO2 catalysis. Experimental and theoretical results indicate that modulation of the thickness and porosity of the SiO2 nanoshell leads to variations in both heat preservation and mass transport properties. This work deepens the understandings on the contributing factor of the “nano-greenhouse effect” towards enhanced photothermal conversion. It also provides insights on the design principles of an ideal photothermal catalyst in balancing heat management and mass transport processes.