Recycled concrete powders (RCPs) are the main by-products produced in preparing recycled aggregate from construction and demolition waste (CDW). This paper reviews the utilization of RCPs in detail and divides the review into three parts: properties, activity excitation, and applications. The physical and chemical properties of RCPs and their production methods before recycling are comprehensively described. The activity excitation assessment of RCPs, which incorporates physical and chemical methods, is further described. The process of activity excitation can change the compositions of RCPs, thus promoting their better performance in concrete. Improving the performance of RCPs by carbonation is an effective and green method, which has received widespread attention recently. A detailed classification and review of the carbonation process is carried out. Lastly, specific applications of RCPs are reviewed.