The greenhouse gases emissions produced by industry and power plants are the cause of climate change. An effective approach for limiting the impact of such emissions is adopting modern Carbon Capture and Storage (CCS) technology that can capture more than 90% of carbon dioxide (CO2) generated from power plants. This paper presents an evaluation of state-of-the-art technologies used in the capturing CO2. The main capturing strategies including post-combustion, pre-combustion, and oxy - combustion are reviewed and compared. Various challenges associated with storing and transporting the CO2 from one location to the other are also presented. Furthermore, recent advancements of CCS technology are discussed to highlight the latest progress made by the research community in developing affordable carbon capture and storage systems. Finally, the future prospects and sustainability aspects of CCS technology as well as policies developed by different countries concerning such technology are presented.