Metal ferrites like nickel ferrite, copper ferrite, zinc ferrite, cobalt ferrite, and other ferrites are highly abundant and used as catalysts in various transformations. However, CaFe2O4 is the most abundant alkali metal ferrite, which is eco-friendly and non-toxic. CaFe2O4 is a superparamagnetic material that can be easily recovered from the reaction media due to its magnetic properties. Therefore, it has been widely used in numerous applications, such as dye degradation, removal of heavy metal ions, transesterification reaction, gas sensing, photocatalytic water splitting, drug delivery, etc. In this review, (1) magnetic properties and crystal structure of spinal CaFe2O4 are discussed, (2) potential applications of CaFe2O4 are discussed, and (3) various synthesis techniques of CaFe2O4 are demonstrated. CaFe2O4 shows photocatalytic properties due to its narrow band gap (1.9 eV), abundant functional group, and high surface area. It is found that CaFe2O4 possesses a remarkable potential for energy and environmental remediation. In this review, we have added the photocatalytic mechanism of various pollutants. At last, future perspectives are given for developing novel, sustainable CaFe2O4 or CaFe2O4-based nanocomposite.