In the past ten years, carbon dots‐decorated, carbon‐based, metal‐free catalysts (CDs‐C‐MFCs) have become the fastest‐growing branch in the metal‐free materials for energy storage field. However, the further development of CDs‐C‐MFCs needs to clear up the electronic transmission mechanism rather than primarily relying on trial‐and‐error approaches. This review presents systematically and comprehensively for the first time the latest advances of CDs‐C‐MFCs in supercapacitors and metal–air batteries. The structure–performance relationship of these materials is carefully discussed. It is indicated that carbon dots (CDs) can act as the electron‐rich regions in CDs‐C‐MFCs owing to their unique properties, such as quantum confinement effects, abundant defects, countless functional groups, etc. More importantly, specific doping can effectively modify the charge/spin distribution and then facilitate electron transfer. In addition, present challenges and future prospects of the CDs‐C‐MFCs are also given.