Surface albedo plays a controlling role in the surface energy budget, and albedo-induced radiative forcing has a significant impact on climate and environmental change (e.g., global warming, snow and ice melt, soil and vegetation degradation, and urban heat islands (UHIs)). Several existing review papers have summarized the algorithms and products of surface albedo as well as climate feedback at certain surfaces, while an overall understanding of various land types remains insufficient, especially with increasing studies on albedo management methods regarding mitigating global warming in recent years. In this paper, we present a comprehensive literature review on the variance pattern of surface albedo, the subsequent climate impact, and albedo management strategies. The results show that using the more specific term “surface albedo” is recommended instead of “albedo” to avoid confusion with similar terms (e.g., planetary albedo), and spatiotemporal changes in surface albedo can indicate subtle changes in the energy budget, land cover, and even the specific surface structure. In addition, the close relationships between surface albedo change and climate feedback emphasize the important role of albedo in climate simulation and forecasting, and many albedo management strategies (e.g., the use of retroreflective materials (RRMs)) have been demonstrated to be effective for climate mitigation by offsetting CO2 emissions. In future work, climate effects and management strategies regarding surface albedo at a multitude of spatiotemporal resolutions need to be systematically evaluated to promote its application in climate mitigation, where a life cycle assessment (LCA) method considering both climate benefits and side effects (e.g., thermal comfort) should be followed.