Coal is not only a type of fuel but also a precious resource with dual value attributes. Coal is usually used for combustion and electricity generation and is also used as a feedstock in the production of fuels, chemicals, and other high value-added products to improve efficiency. Among these products, coal-based activated carbon is an important part of the high value-added and resource utilization of coal. In this paper, the relevant research on coal-based activated carbon in recent decades is reviewed, including raw material selection, preparation process and mechanism, modification methods, application status, and regeneration methods. Finally, the existing problems and future research directions in the field of coal-based activated carbon are proposed, which has great significance for realizing the high valueadded utilization of coal resources.