Abstract With the rising level of atmospheric CO 2 worsening climate change, a promising global movement toward carbon neutrality is forming. Sustainable CO 2 management based on carbon capture and utilization (CCU) has garnered considerable interest due to its critical role in resolving emission‐control and energy‐supply challenges. Here, a comprehensive review is presented that summarizes the state‐of‐the‐art progress in developing promising materials for sustainable CO 2 management in terms of not only capture, catalytic conversion (thermochemistry, electrochemistry, photochemistry, and possible combinations), and direct utilization, but also emerging integrated capture and in situ conversion as well as artificial‐intelligence‐driven smart material study. In particular, insights that span multiple scopes of material research are offered, ranging from mechanistic comprehension of reactions, rational design and precise manipulation of key materials (e.g., carbon nanomaterials, metal–organic frameworks, covalent organic frameworks, zeolites, ionic liquids), to industrial implementation. This review concludes with a summary and new perspectives, especially from multiple aspects of society, which summarizes major difficulties and future potential for implementing advanced materials and technologies in sustainable CO 2 management. This work may serve as a guideline and road map for developing CCU material systems, benefiting both scientists and engineers working in this growing and potentially game‐changing area.