The geological storage of carbon dioxide (CO2) represents a promising strategy for mitigating climate change by securely sequestering CO2 emissions. This review article aims to provide a comprehensive overview of the current state of research and development in the field of geological carbon dioxide (CO2) sequestration. We systematically examined a wide range of recent literature, focusing on advancements in numerical simulations, experimental studies, risk assessments, and monitoring techniques related to CO2 sequestration. Literature was selected based on relevance, recency, and contribution to the understanding of key challenges and solutions in CO2 storage, with sources spanning peer‐reviewed journals, conference proceedings, and significant technical reports. Our review highlights several key themes: the integration of machine learning and advanced numerical models in predicting CO2 behavior in subsurface formations; innovative experimental approaches to understanding the physicochemical interactions between CO2, brine, and geological substrates; and the development of robust risk assessment frameworks to address potential leakage and induced seismicity. We also explore recent advancements in monitoring technologies, emphasizing their critical role in ensuring the long‐term integrity and effectiveness of CO2 storage sites. Overall, this review synthesizes the latest findings and identifies gaps in current knowledge, providing a roadmap for future research directions. Our aim is to enhance the understanding of CO2 sequestration processes, support the development of safer and more efficient storage methods, and contribute to the global effort in mitigating climate change through effective carbon management strategies. © 2024 Society of Chemical Industry and John Wiley & Sons, Ltd.