Limestone calcined clay cement (LC3) has attracted much attention as a low-carbon cementitious material. The economic and ecological benefits of cementitious materials are greatly improved by partially replacing Portland cement with calcined clay, limestone powder and gypsum. This review summarized the latest research progress in this field from the aspects of hydration, microstructure and properties, production and substitution of raw materials, application prospects, and carbon emissions, and explored the key issues restricting the application and development of LC3 system in China (i.e., regional differences in clay-based raw materials, bleaching/calcination process, availability of alternative silica-alumina raw materials, etc.). The improvement of the hydrothermal kinetic model and the long-term performance of LC3-based concrete materials/structures were discussed.