Abstract: Under the fact that considerable exploration and production of unconventional resources and worsening global climate, reducing carbon emission and rationally utilizing carbon resources have been drawn increasing attention. Supercritical CO2 (SC-CO2) has been proposed as anhydrous fracturing fluid to develop unconventional reservoirs, since its advantages of reducing water consumption, reservoir contamination etc. Well understanding of SC-CO2 fracturing mechanism and key influencing factors will exert significant impact on the application of this technology in the field. In this paper, the fundamental studies on SC-CO2 fracturing from the aspects of laboratory experiment and simulation are reviewed. The fracturing experimental setups, fracture monitoring and characterizing methods, unconventional formation categories, numerical simulation approaches, fracturing mechanism and field application etc., are analyzed. The fundamental study results indicate that compared with conventional hydraulic fracturing, SC-CO2 fracturing can reduce fracture initiation pressure and easily induce complex fracture networks with multiple branches. The field test further verifies the application prospect and the possibility of carbon storage. However, due to the limitation of reservoir complexity and attributes of SC-CO2, massive challenges will be encountered in SC-CO2 fracturing. According to the current research status, the limitations in basic research and field application are summarized, and the future development direction of this technology and relevant suggestions are proposed.