In this review are presented the main developments and the fundamentals on Chemical Looping Combustion (CLC) technology. The basis of this process is to divide the combustion of a fuel in two separate reactions. An oxygen carrier circulates between the two reactors. First, an oxidation reaction takes place where the oxygen carrier captures the oxygen molecule. Then, a reduction reaction occurs where oxygen is released due to the reductor-atmosphere generated by the fuel. The advantage of having a two-stage combustion is that the carbon dioxide is not diluted with nitrogen. In the CLC technology, the oxygen carrier (OC) is the essential element. Several studies have been conducted to find materials that may be used as oxygen carriers. Most studies have been developed using active metal oxides, combined with an inert material . So, these oxygen carriers that are synthetically manufactured generate high costs. Nowadays, scientists are interested in finding inexpensive materials as an option to process solid or gaseous fuels in the CLC. Thus, the use of natural minerals or industrial waste seems to be promising. Colombia is a country with a great potential in low-cost OCs, which can be used in CLC technology.