Carbonatable binder is a developed type of cementitious material that reacts with CO2 and is capable of binding other ingredients to form a monolith with mechanical strength. Manufacturing carbonatable binder-based carbonated products is an important route for the utilization of CO2 as a research hotspot. This review elucidated the definition of carbonatable binder and its mineral composition, analyzed the carbonation reaction mechanism, microstructure evolution and the mechanical performance along with the multi-species transport mechanism, and introduced the three main categories of carbonatable binders and their applications. In addition, the future research areas and the application prospects were also given.