Carbonate rocks typically contain abundant hydrocarbon resources, which establish them as a crucial target for current and future hydrocarbon exploration and exploitation. To determine the frontiers and trends of research on carbonate sedimentology and reservoir geology, we perform a literature review on carbonate rocks. The three advances in carbonate sedimentology are summarized here. (1) An improved classification of carbonate factories in five types is developed based on the determination of the genetic relationships between producers, environments, and products. These provide a novel philosophy for reconstructing carbonate sedimentary environments, localizing source rocks and reservoirs, and investigating the source-to-sink sedimentary system of carbonate rocks. (2) A systematic elucidation of the mechanisms behind carbon sequestration and oxygen generation by microbes, carbon sequestration and rock formation by microbes, microbially induced carbonate fabrics, and microbial involvement in sedimentation and evolution. These mechanisms function as a new theoretical basis for reconstructing the carbon cycling, atmospheric oxidation, biological evolution, and carbon sequestration in geological history. (3) The basin-scale lithofacies paleogeographic reconstruction, and the development of unique sedimentary patterns. These allow for the expansion of hydrocarbon exploration toward both the interior carbonate platforms and deep to ultradeep ancient carbonate rocks. Recent advances in the understanding of carbonate reservoir geology include: (1) Innovations made in the genetic mechanisms of dolomites, with three novel models being established: microbially induced dolomitization, dissolution/precipitation-driven dolomitization, and high silica concentration-driven dolomitization, being of new theoretical models for understanding dolomization; (2) The identification of sedimentary facies, dolomitization, dissolution, and structural modification as dominant factors controlling reservoir formation, and the determination of the formation and distribution patterns of microbialite-dominated reservoirs and fault-controlled reservoirs. These assist in expediting breakthroughs in oil and gas exploration in carbonate rocks. The advances in experimental techniques for carbonate rocks include the establishment of uranium and lead (U-Pb) isotopic dating, and clumped, Mg, and S isotope tests for carbonate minerals. These advances provide new technologies and methods for reconstructing the evolution of reservoir porosity, the process of reservoir formation, and the evolution of hydrocarbon accumulation. Overall, it can be concluded that physical simulation, numerical simulation, and artificial intelligence represent the trends of research on carbonate sedimentology, reservoir geology and experimental technology.