Shale gas reservoirs generally exhibit characteristics such as low porosity, permeability, and pore throat radius, with high airflow resistance. Currently, hydraulic fracturing is a commonly used method for commercial shale gas extraction; however, the hydraulic fracturing method has exhibited a series of issues, including water sensitivity and reservoir pollution in shale reservoirs. Therefore, the development of anhydrous fracturing technology suitable for shale gas reservoirs has become an urgent requirement. The supercritical carbon dioxide fracturing technique has the merits of reducing reservoir damage, improving recovery and backflow rates, and saving water resources. Moreover, this technique has broad application prospects and can achieve the effective extraction of shale gas. To enhance the understanding of the supercritical carbon dioxide fracturing technique, this review summarizes the progress of current research on this technique. Furthermore, this study analyzes the stage control technology of supercritical carbon dioxide during the fracturing process, the interaction characteristics between supercritical carbon dioxide and rocks, and the laws of rock initiation and crack growth in supercritical carbon dioxide fracturing. The outcomes indicate that after SC-CO2 enters the reservoir, CO2 water–rock interaction occurs, which alters the mineral composition and pore throat framework, weakens the mechanical characteristics of shale, reduces the rock fracturing pressure, and increases the complexity of the fracturing network. This article provides a reference for research related to supercritical carbon dioxide fracturing technology and is greatly significant for the development of shale gas reservoirs.