The classical Fischer–Tropsch to Olefins (FTO) reaction is a pivotal method for converting syngas, derived from fossil energy sources, such as coal, biomass, and natural gas, into lower olefins. The growing interest in expanding or commercializing FTO has driven the development of catalysts with exceptional performance. Lower olefins (C2–4=) are widely used as fundamental components in everyday products such as detergents, lubricants, plastic, pharmaceuticals, and cosmetic additives. Additionally, higher alcohols with functional C– groups can not only improve the atomic utilization in catalytic reactions but also serve as raw materials for combustibles, fuels or fuel additives, and various fine chemicals. In recent years, new transition metal carbide catalysts have attracted significant attention in the exploration and application of FTO catalytic reactions. This paper systematically reviews the research progress of non-noble metal cobalt carbide CoxC (x = 2, 3) catalysts for the efficient utilization of COx (x = 1, 2). The review covers the phase transitions during the formation of CoxC-based catalysts, their properties, activity, product selectivity, and interrelationships among these factors. Finally, the current challenges facing CoxC-based catalysts in effectively harnessing COx in FTO are discussed, along with perspectives on potential future commercial applications.