The extensive consumption of fossil fuels has led to a continuous increase in atmospheric carbon dioxide (CO?) concentrations, triggering global warming and even food security crises that threaten the sustainable development and stability of human society. With the rapid advancement of synthetic biology, converting CO? into value-added products through microbial cell factories offers great potential for mitigating climate change while delivering considerable economic benefits. This review first introduced carbon fixation pathways and strategies in autotrophic and heterotrophic microorganisms, as well as chassis strains applied to CO? valorization. It then summarized recent advances in the biosynthesis of CO?-derived products. On this basis, metabolic engineering strategies and fermentation approaches for improving product yields were further discussed. Finally, future perspectives on efficient CO? bioutilization were proposed. This review was expected not only to facilitate the advancement of CO? conversion technologies based on microbial cell factories, but also to provide strategic and technical references for the industrial bioproduction of chemicals from CO?.