One of the major environmental challenges today is the increasing levels of carbon dioxide in the atmosphere that is affecting the climate and contributing to global warming. To reduce this atmospheric carbon, carbon capture and sequestration methods (CCS) have been introduced. There are several techniques used to capture the atmospheric carbons like adsorption, absorption, membrane technology and etc. CO2 obtained using these techniques, are later transported and injected into storage sites. These stored carbons are going to be available in feedstocks in the near future, therefore ways to convert these carbons to useful chemicals are also being explored. Carbon dioxide is the starting material for various chemicals like formic acid, pharmaceuticals and much more. They are also a main element in the production of fuels like methane, methanol, ethylene and other polymers. Therefore, by converting these carbons into chemical will significantly reduce the usage of fossil fuels. This review will briefly explain about the recent advancements in the carbon capture and sequestration techniques and deeply explore about the methods used for the conversion of these stored CO2 to fine chemicals and fuels, as well the challenges and future prospects.