<![CDATA[Fly ash from circulating fluidized bed boilers (CFBFA) is increasingly emerging as a potential low-carbon binder feedstock in response to the growing need for decarbonization in the cement industry and improved management of solid waste from power plants. However, the large-scale utilization of CFBFA is still constrained by its unstable composition (e.g., free CaO and SO₃), heterogeneity of mineral phases, and the risk of expansion and durability degradation when system design fails to control gypsum/ettringite formation and pore evolution. This review develops a comprehensive synthesis of recent literature from 2022–2026 derived from the extracted corpus (DATA and REF RS files), mapping: (i) the characteristics of CFBFA (phases, reactivity, morphology, and their implications for water demand and admixture compatibility); (ii) the main utilization pathways—blended/low-clinker cement, multi-waste binders (red mud–carbide slag–slag–gypsum), geopolymers (low-Ca vs. high-Ca), aerated/autoclaved aerated concrete (AAC), and value-added products such as sintered/non-fired ceramsite, foamed fillers, and grouts; (iii) performance mechanisms—hydration product transitions (AFt, C-(A)-S-H, N-A-S-H), microstructural densification, and porosity control; and (iv) durability (sulfate resistance, freeze–thaw, carbonation) and environmental issues (heavy-metal leaching and environmental footprint/LCA). Key findings indicate that the success of CFBFA-based systems depends strongly on calcium–sulfate chemical engineering and pore engineering (e.g., foam/void management), as well as co-binder synergy that balances early reactivity with long-term stability. The review concludes with a research agenda focused on standardization, element/gel-ratio-based design, and long-term validation under field conditions.]]>
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