Limestone has always been widely used in various sectors, thus having significant economic and environmental impacts. The quarrying process is, on the one hand, essential, but on the other, harmful to the environment and people’s health, therefore, the challenge is finding a balance. This review explores the multifaceted nature of limestone, a sedimentary rock predominantly composed of calcium carbonate. The formation of limestone, along with its various types and global occurrence, is discussed to provide a basic understanding. The diverse applications of limestone range from historical uses in ancient monuments to contemporary roles in cement production, plasticized polyvinyl chloride (PVC), and soda–lime glass. The discussion extends to post-mining solutions, showcasing successful rehabilitation and innovative repurposing of former quarries into useful infrastructures, wildlife habitats, and cultural spaces. This article draws attention to the importance of sustainable practices and technological developments to balance resource use with environmental conservation. Ultimately, it emphasizes the need for responsible limestone quarrying and proactive rehabilitation strategies to ensure that no permanent ecological problems will occur.