Abstract: In the global context of addressing climate change and China's vigorous implementation of the 'dual carbon’ strategy, promoting the resource utilization of industrial solid waste has become an inevitable trend. Fly ash, as a solid waste generated by the coal-fired power industry, poses significant environmental pressure through traditional stockpiling methods. This paper focuses on the intrinsic properties of fly ash and its paths for high-value resource utilization, and systematically reviews the theoretical basis, technical applications, existing challenges, and future prospects for its transformation from an 'environmental burden’ to a 'urban mineral’. The aim is to provide comprehensive theoretical references and practical guidance for the scientific application and green development of fly ash in various fields such as construction engineering, chemical industry, and agriculture.