This paper clarified the characteristics,  definition,  classification and the research aspects of microbial carbonates, documented the research and application significances of microbial carbonates in major environmental and climatic events, Holocene climate change research and environmental restoration work, as well as in mineral deposition, oil and gas reservoirs, and tracing the hydrate, and further discussed the relationships between microbial carbonate buildups and hydrocarbon reservoirs and latest research achievements on this research field, as well as the research focus and development tendency of microbial carbonates. As a product formed by integrated processes of microbial activities, carbonate sedimentology and geochemistry, microbial carbonates could be a new intersection for sedimentological, paleontological, petroleum geological, sedimentary geochemical, paleoenvironmental and paleoclimatic studies.