Carbon dots (CDs) are a fascinating area of research. Carbon nanodots (CDs), also known as carbon quantum dots (CQDs), carbon nanodots (CNDs), and graphene quantum dots (GQDs), have garnered increasing attention in recent times due to their accessibility, non-toxicity, and affordability as carbon-based materials. This paper highlights several synthetic approaches for creating CDs, including hydrothermal synthesis, pulsed laser ablation, direct carbonization, microwave and ultrasonic aided chemical synthesis, and electrochemical methods. Moreover, CDs also possess excellent photostability as they can maintain their optical properties like photoluminescence (PL), charge transfer properties, etc., even under prolonged light exposure. Owing to their distinct optical and optoelectronic characteristics, C-dots have the potential to serve as crucial components for several fields, including optoelectronics, solar cells, light-emitting diodes, and sensitizers. In addition to encouraging the practical implementation of CDs in many current and future research lines, we hope that the material presented in this review will stimulate further fascinating study on CDs from a fresh angle.