Although various CO2 capture and utilization (CCU) technologies are being researched and developed intensively for the purpose of lowering greenhouse gas emissions, most current technologies remain at low technology readiness levels for industrial use and are less economical compared to conventional processes. Mineral carbonation is a CO2 utilization technology with low net CO2 emissions and high CO2 reduction potential, and various commercialization studies are underway around the world. This manuscript reviews the potential of mineral carbonation as a general CCU technology and the techno-economic and environmental feasibility of a representative technology, which produces sodium bicarbonate through the saline water electrolysis and carbonation steps, and examines the potential CO2 reduction derived from the application of this technology. The future implementation of mineral carbonation technology in ocean alkalinity enhancement for sequestrating atmospheric CO2 or the production of abandoned mine backfill materials is also discussed in order to deploy the technology at much larger scales for a meaningful contribution to the reduction of greenhouse gas emissions.