Cold-water corals represent an intriguing paleoceanographic archive with a great potential to reconstruct high-resolution paleoenvironmental changes. Compared to those of shallow-water corals, proxies derived from cold-water corals have been complicated by biologically mediated vital effects. The oxygen and carbon stable isotope compositions of cold-water coral skeletons are more depleted than the expected carbonate-seawater equilibrium values by 4‰~6‰ and about 10‰, respectively. Therefore, it is necessary to correct for the vital effects before using δ¹⁸O as a temperature proxy. The principles and methods of reconstructing paleotemperature variations of intermediate and deep oceans using oxygen and carbon isotopes of cold-water corals are reviewed, as well as three existing cold-water coral calcification models and their advantages and disadvantages. It is suggested that further micro-scales analysis and targeted experiments are required to clarify the calcification processes of cold-water corals.