As aerospace, electrified railway, weapon equipment manufacturing, and other fields have leapt forward, the operating environment of current-carrying friction pairs is becoming increasingly severe, and research on the current-carrying friction and wear theory and its vital technologies are progressively in demand. This study summarizes the relevant research on the current-carrying friction and wear. In this study, the essential characteristics and classification of current-carrying friction and wear are summarized, the effect of working parameters on current-carrying friction and wear performance is clarified, and the generation mechanism, failure mechanism, and factors of current-carrying friction and wear are emphatically investigated. Moreover, the mechanism of arc generation and the effect of environmental conditions and surface facial masks on the friction and wear process are summarized. This paper also introduces the preparation technology of a conductive wear-resistant self-lubricating material, the main factors affecting the conductive wear-resistant property of the coating, and the action mechanism. The simulation and prediction results of the current-carrying friction and wear temperature field and the wear amount are presented. Finally, the problems in the current-carrying friction and wear research are classified, and future research directions in this field are proposed. The future’s critical development and improvement directions are also proposed from the aspects of developing coating quality evaluation equipment, optimizing the coating quality, and studying the coating self-lubricating mechanisms.