This review discusses the cryogenic capture system from the perspective of constructing new cryogenic capture system structures, exploring the optimal system parameters, and analyzing the challenges faced by different cryogenic capture systems. The gas that needs to remove CO2 undergoes desulfurization, denitrification and dust removal treatment, which can effectively reduce impurities and remove, and ensure the progress of the subsequent carbon capture process. Among the cryogenic technologies of carbon capture, cryogenic distillation is restricted by the concentration of carbon dioxide (CO2) in the gas and cost, and it cannot be widely popularized. Cryogenic condensation offers a wide range of industrial applications because it may immediately liquefy CO2 for oil displacement. Currently, the most concerned cryogenic sublimation can capture low-concentration CO2 at a rate of 99.9% at 13.5 vol%, and energy consumption and annual investment costs can also be effectively reduced. In general, cryogenic CO2 capture technology provides remarkable cost and efficiency benefits compared with other carbon capture technologies. By 2030, China’s CO2 capture cost will be 13–57$/t, and it will be 3–19$/t in 2060. Combining fixed costs and operating costs, the total abatement cost is 65$/t CO2, which is similar to the cost of 54$/ton CO2 in Japan and 60–193$/t CO2 in Australia. By 2060, the carbon emission reduction ratio of carbon capture, utilization, and storage (CCUS) will account for about 10% of the total emission reduction, so the research on CCUS is very urgent. It must break through the extreme utilization of cold energy and energy consumption barriers as well as increase the efficiency of the system.