The　past　decade　has　witnessed　the　rise　of　low-dimensional　materials,　such　as　graphene,　transition　metal　dichalcogenides,　black　phosphorus,　organic–inorganic　hybrid　perovskites　and　MXenes.　They　have　received　tremendous　attention　due　to　their　peculiar　properties,　as　compared　to　their　bulk　phase.　These　unique　properties　have　ushered　in　a　paradigm　shift　in　many　applied　fields　and　technologies　including,　but　not　limited　to　optoelectronics,　catalysis,　biomedical　research　and　quantum　information　sciences.　The　fundamental　processes　determining　the　performance　of　devices,　utilizing　the　low-dimensional　materials,　are　photogeneration　of　charge　carriers　and　carrier　transport.　A　detailed　understanding　of　these　processes　is　therefore　indispensable　to　the　design　and　optimization　of　advanced　high-performance　low-dimensional　materials-based　devices　for　broadband　photodetection,　high-speed　modulation,　high-efficiency　solar　energy　harvesting,　and　energy　storage,　among　others.　Herein,　we　critically　review　recent　advances　in　studies　of　photoinduced　carrier　dynamics　in　low-dimensional　semiconductors　and　semimetals.　Transient　carrier　generation,　trapping　and　recombination　dynamics　can　be　controlled　by　temperature,　charge　transfer　in　hybrid　structures,　electrical　and　magnetic　field,　and　stress.　Revealing　the　mechanisms　and　strategies　of　their　tuning　should　help　design　and　optimize　multifunctional　materials　to　enable　high-performance　devices.　In　this　review,　we　do　not　focus　exclusively　on　the　photoinduced　species　(excitons　and　charge　carriers),　but　also　discuss　possible　strategies　to　adjust　their　properties　and　their　impact　on　device　characteristics.　To　conclude,　we　summarize　current　status,　describe　existing　challenges,　and　provide　a　subjective　opinion　on　future　opportunities　to　advance　this　exciting　field.　We　hope　that　this　review　will　be　appealing　to　a　broad　materials　physics　audience　and　will　be　helpful　in　exploring　new　physics　and　discovering　theory　guided　novel　materials　with　robust　performance.　©　2022