With increasing carbon dioxide (CO2) emissions from the combustion of fossil‐based fuels, the concentration of CO2 in the atmosphere is growing at 407.54 parts per million, as released in May 2016. Accordingly, the reduction of CO2 emissions is an essential issue for global climate changes. Tremendous efforts have been directed towards the goal of CO2 separation and capture. These have led to the development of novel classes of porous materials that possess unique potential applications in the capture and sequestration of CO2. Hence, this comprehensive review focuses on studying and analyzing newly developed methods to reduce greenhouse gas emissions and to sequester CO2 released from anthropogenic activities. It compares and analyzes, in terms of storage capacity and adsorption selectivity, the innovative technologies that capture CO2. Also described are the key advancements in CO2 capture from chemical absorption post‐ and precombustion industrial units and its subsequent physical adsorption by using various zeolites and metal–organic framework (MOF) materials for CO2 adsorption, storage, and separation. Current progress in MOF materials for CO2 capture is considered, and the potentials and limitations of new discoveries in the area are addressed, as it is a rapidly growing area. Furthermore, trends in the design of various kinds of porous structures with tailored macro‐ and microstructures and target surface properties are examined.