In recent decades, as eutrophication in inland and coastal waters (ICWs) has increased due to anthropogenic activities and global warming, so has the need for timely monitoring. Compared with traditional sampling and laboratory analysis methods, satellite remote sensing technology can provide macro-scale, low-cost, and near real-time water quality monitoring services. The Geostationary Ocean Color Imager (GOCI), integrated onboard the Communication Ocean and Meteorological Satellite (COMS) from the Republic of Korea, was the first geostationary ocean color observation satellite and was operational from April 1, 2011 to March 31, 2021. Over ten years, GOCI has observed oceans, coastal waters, and inland waters within its 2,500 km×2,500 km target area centered on the Korean Peninsula. The most attractive feature of GOCI, compared with other commonly used watercolor sensors, was its high temporal resolution (1h, eight times daily from 0 UTC to 7 UTC), providing the opportunity to monitor the quality of ICWs, where optical properties can change rapidly throughout the day. This systematic review aims to comprehensively review GOCI features and applications in ICWs, analyzing progress in atmospheric correction algorithms and water quality monitoring. Analyzing 123 articles from the Web of Science and China National Knowledge Infrastructure (CNKI) through a bibliometric quantitative approach, we examined GOCI’s strength and performance with different processing methods. These articles reveal that GOCI played an essential role in monitoring the ecological health of ICWs in its observation area in East Asia. GOCI has led the way to a new era of geostationary ocean satellites, providing new technical means for monitoring water quality in oceans, coastal zones, and inland lakes. We also discuss the challenges encountered by geostationary satellites in monitoring water quality and provide suggestions for improvements.