Mineral carbonation of certain types of industrial wastes allows CO₂ sequestration and recycling of the original waste as a new material. These processes require energy input and normally produce relatively low-value products such as aggregates, supplementary cementitious materials, and fillers. This paper reviews recent progress in producing higher-value products by mineral carbonation of waste concrete, blast furnace slag, steel slag, coal fly ash, and municipal solid waste incinerator fly ash. Zeolite and nanosized silica are potential higher-value products, while other materials such as superhydrophobic coatings, glass-ceramics, energy storage materials, and CaCO₃ ceramics have also been produced. The production of higher-value products transforms the economic viability of mineral carbonation. Further work is required to comprehensively evaluate specific applications of carbonation and determine the overall CO₂ balance.