The advancement of microcomb sources, which serve as a versatile and powerful platform for various time–frequency measurements, have spurred widespread interest across disciplines. Their uses span coherent optical and microwave communications, atomic clocks, high-precision LiDARs, spectrometers, and frequency synthesizers. Recent breakthroughs in fabricating optical micro-cavities, along with the excitation and control of microcombs, have broadened their applications, bridging the gap between physical exploration and practical engineering systems. These developments pave the way for pioneering approaches in both classical and quantum information sciences. In this review article, we conduct a thorough examination of the latest strategies related to microcombs, their enhancement and functionalization schemes, and cutting-edge applications that cover signal generation, data transmission, quantum analysis, and information gathering, processing and computation. Additionally, we provide in-depth evaluations of microcomb-based methodologies tailored for a variety of applications. To conclude, we consider the current state of research and suggest a prospective roadmap that could transition microcomb technology from laboratory settings to broader real-world applications.