The large amount of greenhouse gases produced by the combustion of fossil energy has caused global warming and a series of climate problems. In order to reduce greenhouse gas emissions, captured carbon can be converted into high value-added products, thereby accelerating the transformation of the energy model from fossil fuels to clean energy. Chemical looping technology is considered an efficient and clean potential strategy for converting fuels into syngas and hydrogen. This work describes the chemical looping technology combined with CO 2 or H 2 O reforming to produce CO and H 2 , respectively, and performance analysis such as thermodynamics, kinetics, oxygen transfer capacity, and heat balance were carried out to identify viable oxides. In view of the importance of high-performance, low-cost metal oxides as oxygen carriers (OCs) in this process, this work systematically reviews the classification of such OCs and their applications. In addition, reactors in the 0.2 kW th −1.0 MW th range currently used for chemical looping technology are discussed, which demonstrate their potential to enable the large-scale operation of chemical looping processes. Based on past research progress and additional aspects of chemical looping technology, we firmly believe that this process offers a promising commercial technology that will drive energy transition and carbon neutrality.