The emissions of greenhouse gases, especially CO2, have been identified as the main contributor for global warming and climate change. Carbon capture and storage (CCS) is considered to be the most promising strategy to mitigate the anthropogenic CO2 emissions. This review aims to provide the latest developments of CO2 storage from the perspective of improving safety and economics. The mechanisms and strategies of CO2 storage, focusing on their characteristics and current status, are discussed firstly. In the second section, the strategies for assessing and ensuring the security of CO2 storage operations, including the risks assessment approach and monitoring technology associated with CO2 storage, are outlined. In addition, the engineering methods to accelerate CO2 dissolution and mineral carbonation for fixing the mobile CO2 are also compared within the second section. The third part focuses on the strategies for improving economics of CO2 storage operations, namely enhanced industrial production with CO2 storage to generate additional profit, and co-injection of CO2 with impurities to reduce the cost. Moreover, the role of multiple CCS technologies and their distribution on the mitigation of CO2 emissions in the future are summarized. This review demonstrates that CO2 storage in depleted oil and gas reservoirs could play an important role in reducing CO2 emission in the near future and CO2 storage in saline aquifers may make the biggest contribution due to its huge storage capacity. Comparing the various available strategies, CO2-enhanced oil recovery (CO2-EOR) operations are supposed to play the most important role for CO2 mitigation in the next few years, followed by CO2-enhanced gas recovery (CO2-EGR). The direct mineralization of flue gas by coal fly ash and the pH swing mineralization would be the most promising technology for the mineral sequestration of CO2. Furthermore, by accelerating the deployment of CCS projects on large scale, the government can also play its role in reducing the CO2 emissions.