Carbon dots@noble metal nanoparticle composites are formed by combining carbon dots and metal nanoparticles using various strategies. Carbon dots exhibit a reducing ability and function as stabilisers; consequently, metal-ion solutions can be directly reduced by them to synthesise gold, silver, and gold-silver alloy particles. Carbon dots@gold/silver/gold-silver particle composites have demonstrated the potential for several practical applications owing to their superior properties and simple preparation process. Until now, several review articles have been published to summarise fluorescent carbon dots or noble metal nanomaterials. Compared with metal-free carbon dots, carbon dots@noble metal nanoparticles have a unique morphology and structure, resulting in new physicochemical properties, which allow for sensing, bioimaging, and bacteriostasis applications. Therefore, to promote the effective development of carbon dots@noble metal nanoparticle composites, this paper primarily reviews carbon dots@gold/silver/gold-silver alloy nanoparticle composites for the first time in terms of the following aspects. (1) The synthesis strategies of carbon dots@noble metal nanoparticle composites are outlined. The principle and function of carbon dots in the synthesis strategies are examined. The advantages and disadvantages of these methods and composites are analysed. (2) The characteristics and properties of such composites are described. (3) The applications of these composite materials are summarised. Finally, the potentials and limitations of carbon dots@noble metal nanoparticle composites are discussed, thus laying the foundation for their further development.