The concentration of carbon dioxide, a major greenhouse gas, has been increasing in the atmosphere due to various anthropogenic activities. This review aims at summarizing different organisms, including eukaryotes and prokaryotes that have the ability to assimilate CO2. In addition, the metabolic pathway via which an organism sequesters CO2 is explained in brief. The adaptations of different organisms for efficient CO2 sequestration have also been explained in the current review. An important advantage of applying biological systems to manage CO2 is that it synthesizes industrially useful byproducts such as bioplastics, medicinal compounds, and biofuels. Hence, this review helps in understanding diverse biological systems that can be utilized to develop a sustainable technology to mitigate CO2 at an industrial level. © 2018 American Institute of Chemical Engineers Environ Prog, 38: 127–136, 2019