Carbon dots (CDs), as a unique zero-dimensional member of carbon materials, have attracted numerous attentions for their potential applications in optoelectronic, biological, and energy related fields. Recently, CDs as catalysts for energy conversion reactions under multi-physical conditions such as light and/or electricity have grown into a research frontier due to their advantages of high visible light utilization, fast migration of charge carriers, efficient surface redox reactions and good electrical conductivity. In this review, we summarize the fabrication methods of CDs and corresponding CD nanocomposites, including the strategies of surface modification and heteroatom doping. The properties of CDs that concerned to the photo- and electro-catalysis are highlighted and detailed corresponding applications are listed. More importantly, as new non-contact detection technologies, transient photo-induced voltage/current have been developed to detect and study the charge transfer kinetics, which can sensitively reflect the complex electron separation and transfer behavior in photo-/electro-catalysts. The development and application of the techniques are reviewed. Finally, we discuss and outline the major challenges and opportunities for future CD-based catalysts, and the needs and expectations for the development of novel characterization technologies.