The problem of carbon dioxide utilization is of increasing concern to the public, since measures to reduce greenhouse gas emissions are no longer sufficient to prevent a global increase in temperature on the planet. Most modeling scenarios show that a significant deployment of negative emission technologies is required. Carbon dioxide is often used as an agent for enhancing hydrocarbon production in the development of oil and gas fields, which is technologically consistent with projects for its utilization and underground storage in depleted reservoirs, saline aquifers, and shale rocks. For the successful implementation of such sequestration projects, it is necessary to conduct a complex of experimental, modeling, and field studies. It is necessary to understand the characteristic physical and chemical changes that occur in a subterranean formation during sequestration processes, such as dissolution, chemical reactions, convective mixing, advective processes, and dispersion. Computer modeling of ongoing processes is seen as a very important task for the correct functioning of such projects. The article deals with topical problems of computer modeling of processes associated with underground injection and storage of carbon dioxide, and also presents the results of laboratory studies on the utilization of carbon dioxide through its catalytic conversion into useful energy resources—hydrogen and hydrocarbons. The findings of this study can help to better understand physicochemical mechanisms that can occur in subterranean formations when carbon dioxide is injected. © 2022 Society of Chemical Industry and John Wiley & Sons, Ltd.