Cutting-edge technologies are making inroads into new areas and this remarkable progress has been successfully influenced by the tiny level engineering of carbon dots technology, their synthesis advancement and impressive applications in the field of allied sciences. The advances of science and its conjugation with interdisciplinary fields emerged in carbon dots making, their controlled characterization and applications into faster, cheaper as well as more reliable products in various scientific domains. Thus, a new era in nanotechnology has developed into carbon dots technology. The understanding of the generation process, control on making processes and selected applications of carbon dots such as energy storage, environmental monitoring, catalysis, contaminates detections and complex environmental forensics, drug delivery, drug targeting and other biomedical applications, etc., are among the most promising applications of carbon dots and thus it is a prominent area of research today. In this regard, various types of carbon dot nanomaterials such as oxides, their composites and conjugations, etc., have been garnering significant attention due to their remarkable potential in this prominent area of energy, the environment and technology. Thus, the present paper highlights the role and importance of carbon dots, recent advancements in their synthesis methods, properties and emerging applications.