Mesoporous carbon microspheres (CMs) have recently received much attention by virtue of their large pore size; open framework structure, high surface area, and idiosyncratic spherical nature, which contribute to chemical stability and electrical and thermal conductivity. The inherent difficulties of these materials can be reduced by surface modification techniques, resulting in a new system with ameliorated properties. Like other carbonaceous materials, CMs also have the upper hand in controlling composites’ physicochemical and morphological behaviours because of their carefully controlled size, thickness, surface properties, etc. We can explore the possibilities of these properties by fabricating supercapacitors, sensors, batteries, separation membranes, etc. The key focus of our review is to summarise the various synthetic protocols adopted for composite preparation, the difficulties, and the advantages of the method. In addition, we have tried to incorporate multiple applications and future perspectives of CM-based composites.