Abstract: Under the background of “missing carbon sink” mystery and carbon capture and storage (CCS) technology development, this paper summarized the lime material flow process carbon sink from the lime carbonation principles, impact factors, and lime utilization categories in chemical industry, metallurgy industry, construction industry, and lime kiln ash treatment. The results showed that the lime carbonation rate coefficients were mainly impacted by materials and ambient conditions; the lime carbon sink was mainly in chemical, metallurgy, and construction industries; and current researches focused on the mechanisms and impact factors for carbonation, but their carbon sequestration calculation methods had not been proposed. Therefore, future research should focus on following aspects: to establish a complete system of lime carbon sequestration accounting method in view of material flow; to calculate lime carbon sequestration in both China and the world and explain their offset proportion of CO₂ emission from lime industrial process; to analyze the contribution of lime carbon sequestration to missing carbon sink for clarifying part of missing carbon sinks; to promote the development of carbon capture and storage technology and provide some scientific bases for China’s international negotiations on climate change.