A power system with chemical looping combustion (CLC) has been an effective method to realize efficient energy conversion and CO2 capture with zero energy penalty. Over the past 30 years, CLC power systems have been developed rapidly. Studies on the development of CLC power systems at the Chinese Academy of Sciences (CAS) have enlightened and broadened the application of CLC from the standpoint of the systematic integration of CLC with thermal cycles, life cycle assessment, reactors, and oxygen carrier materials. In this paper, the development of CLC power systems at CAS is comprehensively reviewed. First, the principle of cascade utilization of chemical energy of CLC was depicted. Second, the developed thermal cycles, their integration performance with CLC, and the life cycle assessment of typical CLC power systems were presented. Moreover, the CLC reactors and their kinetics were reviewed as well as the reactivity of oxygen carriers. Besides, fossil-fuel-based CLC power systems hybridized by solar energy were systematically reviewed and appraised. Finally, we try to present the future perspectives for the sustainable development of the CLC energy system. This paper would be expected to provide scientific insights and helpful clues for understanding the principle of CLC power systems and show step-change approaches to high-efficiency, clean, and low-carbon-energy systems with CLC utilization.