The emission properties of carbon dots (CDs) have already found many potential applications, from bio-imaging and cell labelling, to optical imaging and drug delivery, and are largely investigated in technological fields, such as lighting and photonics. Besides their high efficiency emission, CDs are also virtually nontoxic and can be prepared through many green chemistry routes. Despite these important features, the very origin of their luminescence is still debated. In this paper, we present an overview of sounding data and the main models proposed to explain the emission properties of CDs and their tunability.