Carbon dots (CDs) have attracted much interest in the emerging area of carbon nanomaterials since being discovered in 2004. Numerous strategies have been developed to produce CDs, and several attempts have been successfully made by creating simple, affordable, and efficient preparation methods for CDs. The majority of articles on CDs focus on the studies associated with optical applications owing to their exceptional optical characteristics. However, the different surface functional groups present on CDs also provide a wide range of application prospects in several branches of science and engineering. This chapter focuses on the research progress in the potential applications of CDs as flame retardant materials, constituent parts in memory devices, and chemical or lubricant additives to improve the mechanical behavior of materials. The opportunities and limitations for the research and development of CDs are outlined extensively. Ultimately, this chapter aims to inspire researchers to go through various technological barriers, fill in research gaps, and extend the intriguing possibilities of CDs' exploration.