In 2022, global CO2 emissions reached 36.07 Gt, with only 230 Mt of CO2 being captured and utilized, accounting for only 0.64% of the total emissions. To achieve the ambitious carbon neutrality goal by 2060, CO2 emissions must be reduced to 5 Gt. Simultaneously, the total utilization of CO2 needs to reach 1.2 Gt, with a utilization rate increasing to 24%. This underscores the urgent need to enhance the level of CO2 utilization. In addressing the urgent global challenges posed by climate change, carbon capture, utilization, and storage (CCUS) technology emerges as the most promising solution for mitigating CO2 emissions. The transformation of captured CO2 into value-added industrial products (CCU) thrugh diverse technical routes has consistently occupied a central position in both academic and industrial research. However, the precise contribution of various conversion technologies to the reduction of CO2 emissions remains uncertain. To address this issue, this paper systematically reviews the developmental landscape of CO, conversion technologies over recent decades, with a particular focus on three representative CO2 conversion pathways and resulting products. Employing a comprehensive approach, the paper conducts a comparative analysis of the environmental impacts and technical economics associated with distinct technology pathways and products. The discussion extends to exploring the potential applications of these conversion technologies and their capacity to achieve negative carbon emissions. Significantly, the findings underscore that the carbonation and polymerization produets derived from CO2 demonstrate a substantial potential for negative carbon emissions , thereby playing a pivotal role in the overall reduction of CO2 emissions. In conclusion, this paper not only provides insights into the current state of CO2 conversion technologies but also emphasizes the crucial role of carbonation and polymerization products in achieving signiicant carbon emission reductions