The current development of chemical looping combustion (CLC) technology is presented in this paper. This technique of energy conversion enables burning of hydrocarbon fuels with dramatically reduced CO2 emission into the atmosphere, since the inherent separation of carbon dioxide takes place directly in a combustion unit. In the beginning, the general idea of the CLC process is described, which takes advantage of solids (so-called oxygen carriers) being able to transport oxygen between combustion air and burning fuel. The main groups of oxygen carriers (OC) are characterized and compared, which are Fe-, Mn-, Cu-, Ni-, and Co-based materials. Moreover, different constructions of reactors tailored to perform the CLC process are described, including fluidized-bed reactors, swing reactors, and rotary reactors. The whole systems are based on the chemical looping concept, such as syngas CLC (SG-CLC), in situ Gasification CLC (iG-CLC), chemical looping with oxygen uncoupling (CLOU), and chemical looping reforming (CLR), are discussed as well. Finally, a comparison with other pro-CCS (carbon capture and storage) technologies is provided.