Anthropogenic emissions of CO2 from industrial processes are considered the major cause of global warming and ocean acidification. To this end, different abatement strategies have been sought to capture CO2 directly from various effluent sources. Carbon capture and sequestration (CCS) has been touted to solve this problem; however, due to the challenges associated with this approach, research efforts have been focused on the development of dual-function materials (DFMs) that can effectively capture and convert CO2 to value-added products. In this review, we first describe existent CO2 capture processes, followed by relevant CO2 adsorbents. Then, we focus on the development of DFMs for CO2 capture and conversion through various reaction pathways, such as methanation, reverse water-gas shift, and dry reforming. We also elaborate on the challenges associated with these systems with emphasis on the stability and regenerability of the materials. Finally, some future perspectives and possible areas of study are highlighted.