Exploitation and utilization of sustainable energy sources has increasingly become the common theme of global social development, which has promoted tremendous development of energy conversion devices/technologies. Owing to excellent and unique optical/electrical properties, carbon dots (CDs) have attracted extensive research interest for numerous energy conversion applications. Strong absorption, downconversion photoluminescence, electron acceptor/donor characteristics, and excellent electron conductivity endow CDs with enormous potential for applications in optoelectronic devices. Furthermore, excellent electron transfers/transport capacities and easily manipulable structural defects of CDs offer distinct advantages for electrocatalytic applications. Recent advances in CD‐based energy conversion applications, including optoelectronic devices such as light‐emitting diodes and solar cells, and electrocatalytic reactions including the hydrogen evolution reaction, oxygen evolution reaction, oxygen reduction reaction, and carbon dioxide reduction reaction, are summarized. Finally, current challenges and future prospects for CD‐based energy conversion applications are proposed, highlighting the importance of controllable structural design and modifications. Owing to excellent optical, structural, and electrical properties, carbon dots (CDs) have attracted extensive research interest for numerous energy conversion applications. Thus, optoelectronic applications of CDs involving light‐emitting diodes and solar cells, along with electrocatalytic applications for the hydrogen evolution reaction, oxygen evolution reaction, oxygen reduction reaction, and carbon dioxide reduction reaction, are summarized in detail.