Spontaneous coal combustion adversely affects coal mine safety and restricts safe, efficient, and green coal mining. Inert gas fire prevention and extinguishing technology is a widely used fire prevention and extinguishing method in coal mines. CO2 is often used as the primary raw material for inert gas fire prevention and extinguishing, owing to its good inerting and cooling characteristics. However, the lack of data on the physical and chemical properties and fire extinguishing mechanism of CO2 by field personnel has limited the efficient application of CO2 in coal mine fire prevention and extinguishing. To explore the practical application effects of CO2 fire prevention and extinguishing technology on coal mine sites, this paper summarised and analysed the research and development status of CO2 fire prevention and extinguishing technology and expounded the physical and chemical properties, phase characteristics, and fire prevention and extinguishing mechanisms of CO2. The CO2 pipeline, CO2 pipeline intelligent monitoring and control system, CO2 inerting mechanism, and comprehensive gas fire prevention and extinguishing technology are summarised and discussed. This study provides a systematic theoretical basis for the field application of CO2 fire prevention and extinguishing technology.