Carbon dioxide has gradually found widespread usage in the field of science and engineering while various efforts have focused on ways to combat the menace resulting from the release of this compound in the atmosphere. A major approach to combating this release is by storage in various geological formations ranging from depleted reservoir types such as saline aquifers to other carbon sinks. In this research study, we reviewed the experimental, modeling, and field studies related to the underground storage of CO2. A considerable amount of research has been conducted in simulating and modeling CO2 sequestration in the subsurface. This review highlights some of the latest contributions. Additionally, the impact of CO2 sequestration on its surroundings due to chemical reactions, adsorption, capillarity, hysteresis, and wettability were reviewed. Some major challenges associated with CO2 injection have also been highlighted. Finally, this work presents a brief history of selected field scale projects such as Sleipner, Weyburn, In Salah, Otway Basin, Snøhvit, Alberta, Boundary Dam, Cranfield, and Ketzin. Thus, this study provides a guide of the CO2 storage process from the perspectives of experimental, modelling, and existing field studies.