Carrots, a globally cultivated root vegetable crop, are renowned for their nutritional and functional properties. However, the deep utilization and development of carrots and their derived products are limited in numerous countries, with a particular deficiency in advanced deep‐processing and transformation technologies. Consequently, the value of carrot products is diminished and resources are wasted. This review explores the nutritional value and characteristics of different carrot varieties, providing a comprehensive overview of the current state of carrot product processing. These products include primary processed products such as minimally processed carrots, dried carrots, pickles, preserves, fruit purees, yoghurt, juice, and essential oils, as well as processed by‐products including functional phytochemical extractions such as carotenoids, polyphenols, dietary fibers, active peptides, and glycoproteins. This review also covers other by‐products, including feeds, fast food boxes, and bioethanol production. Furthermore, cutting‐edge technologies related to carrot processing are discussed. The ultimate goal of this review is to provide researchers and practitioners with an in‐depth understanding of the present status of carrot production.