Nanozymes, novel engineered nanomaterial-based artificial enzymes, have been developed to overcome intrinsic drawbacks exist in natural enzymes including high-cost storage, structural instability, and chemical sensitivity. More recently, carbon dots (CDs) have received significant attention due to their biocompatibility, high catalytic activity, and simple surface functionalization, thus emerging as possible alternatives for biomedical and environmental applications. In this review, we analyze methods and precursors used to synthesize CDs with enzyme-mimicking behaviors. In addition, approaches such as doping or constructing hybrid nanozymes are included as possible strategies to enhance the catalytic performance of CDs. Recent studies have reported CDs that mimic different oxidoreductases, exhibiting peroxidase-, catalase-, oxidase/laccase-, and superoxide dismutase-like activities. Therefore, this review presents a detailed discussion of the mechanism, recent advances, and application for each oxidoreductase-like activity reported on nanozymes based on CDs nanomaterials. Finally, current challenges faced in the successful translation of CDs to potential applications are addressed to suggest research directions.