Abstract: Preparation of novel coal-based carbon materials from coal and its derivatives complies with the Carbon peaking and carbon neutrality goals, which is also an effective strategy to enhance the standards of coal-based fine chemicals and improve the economic benefits of the coal industry. In recent years, the research on the preparation and application of coal-based carbon dots (CDs) has been clearly demonstrated and their role in regulating the compound formation and energy conversion has also been discovered. In this paper, the synthesis and control strategy of coal-based CDs were reviewed firstly. Secondly, the functions of CDs in compound synthesis were emphasized, including the inducing of heterogeneous nucleation, reduction and stabilization, and self-assembly as the load carrier. Furthermore, the application progress in catalysis was summarized from the following aspects of photocatalytic organic degradation and chemical synthesis, electrocatalysis and nanozyme. This paper aims to summarize the research achievements and remaining problems in the field of coal-based CDs, thus to promote the design and development of various new coal-based materials and achieve efficient and highly selective catalytic reactions.