Cold spray technology, as an emerging surface engineering technique, effectively prepares hard coatings by high-speed projection of powder materials onto substrates at relatively low temperatures. The principal advantage of this technology lies in its ability to rapidly deposit coatings without significantly altering the properties of the substrate or powder materials. Carbon-based materials, especially carbides and diamond, etc., are renowned for their exceptional hardness and thermal stability, which make them indispensable in industrial applications requiring materials with high wear resistance and durability at elevated temperatures. This review elucidates the fundamental principles of cold spray technology, the key components of the equipment, and the properties and applications of hard coatings. The equipment involved primarily includes spray guns, powder feeders, and gas heaters, while the properties of the coatings, such as mechanical strength, corrosion resistance, and tribological performance, are discussed in detail. Moreover, the application of this technology in preparing metal matrix composite (MMC) materials with carbon-based reinforcements, including tungsten carbide, boron carbide, titanium carbide, and diamond, are particularly emphasized, showcasing its potential to enhance the performance of tools and components. Finally, this article outlines the challenges and prospects faced by cold spray technology, highlighting the importance of material innovation and process optimization. This review provides researchers in the fields of materials science and engineering with a comprehensive perspective on the application of cold spray technology in MMC materials with carbon-based reinforcements to drive significant improvements in coating performance and broaden the scope of its industrial applications.