Sustainable generation of green energy and fine chemicals from carbon dioxide (CO) is the most desirable and promising route for justifying the atmospheric CO build-up and carbon sequestration. This additionally serves to mitigate or defer global warming and avoid serious climate change. Renewable carbon is a possible source to reduce CO emission and avoid the combustion of coal and petroleum products. In this context, there is a dire need to introduce modern industrial procedures to develop new carbon recycling strategies for CO like spent carbon from CO. The role of diverse industrial processes for the proper utilization of renewable carbon would fruitfully simulate the natural procedure. For the past few decades, both heterogeneous and homogeneous catalysis approaches have been useful for the conversion of CO. Still, unfortunately, none of them addressed the current safety needs, cost-effectiveness, efficiency, reaction conditions, and selectivity. This review signifies the thermochemical and electrochemical approaches for the useful conversion of CO, in the presence of catalyst material, to some high-value products of industrial interests, such as fuels (methane). Furthermore, several suitable examples are discussed to represent the potential and perspective of these technologies. In summary, a highly efficient conversion of CO to fuels and related high-value chemicals would fulfill the rising demands of diverse sectors of the modern world.