Among thousands of known metal‐organic frameworks (MOFs), the University of Oslo's MOF (UiO‐66) exhibits unique structure topology, chemical and thermal stability, and intriguing tunable properties, that have gained incredible research interest. This paper summarizes the structural advancement of UiO‐66 and its role in CO2 capture, separation, and transformation into chemicals. The first part of the review summarizes the fast‐growing literature related to the CO2 capture reported by UiO‐66 during the past ten years. The second part provides an overview of various advancements in UiO‐66 membranes in CO2 purification. The third part describes the role of UiO‐66 and its composites as catalysts for CO2 conversion into useful products. Despite many achievements, significant challenges associated with UiO‐66 are addressed, and future perspectives are comprehensively presented to forecast how UiO‐66 might be used further for CO2 management.