This review summarizes the latest synthesis methods, characterization and corresponding applications of MOF-74 and its derivatives in recent years. Metal–organic frameworks (MOFs) are nanomaterials with many attractive advantages, such as good stability, large specific surface area and large apertures, which make them receive considerable attention. Among them, MOF-74 is a particularly outstanding one attribute to its excellent CO2 adsorption capacity. MOF-74 can be synthesized directly from a metal oxide and without bulk solvent, which not only saves a lot of time and money, but also is more ecological. The mesopores in MOF-74 can be adjusted to as large as 15 nm stably at room temperature. And characterization results show MOF-74 possesses good hydrolysis stability, highly stable structure, gas adsorption capacity, catalytic activity and so on. In addition, multifarious synthetic materials with additional functionality can be obtained by properly combining MOF-74 with other components. Therefore, MOF-74 has great potential and has aroused great enthusiasm for research in many aspects, such as gas adsorption, separation, and catalysis and so on. The biggest highlight of MOF-74 is its excellent carbon dioxide adsorption properties, especially Mg-MOF-74, which is attractive in realizing CO2 high efficiency and energy saving. The adsorption behavior and mechanism were summarized in detail. In addition, we also introduced the performance of MOF-74 in other gas adsorption, such as H2, O2. New synthetic methods, like directly from a metal oxide, provide more ideas and richer materials for the further research of MOF-74. In addition, the good stability of MOF-74 is of great significance for its wide application. And different kinds of derivatives have great application value in various aspects such as gas adsorption, separation, catalysis, molecular probes, and drug transportation and so on. Display omitted •New MOF-74 synthesis methods are introduced, which help reduce cost and protect environment.•This review describes the good properties of MOF-74, especially its good stability.•The adsorption behaviors of MOF-74 on various common gases are summarized.•The mechanisms of various reactions of MOF-74 are described.•Many analogues of MOF-74 are introduced, which play an important role in future research.