Increasing carbon emissions pose a serious issue affecting the environment. Several methods have been proposed to reduce this phenomenon. Carbon capture and storage (CCS) and enhanced oil recovery EOR are among these methods, which typically involve injecting CO₂ into geological formations to store CO₂ or to enhance oil production. The effectiveness of these methods relies heavily on the interaction between CO₂, rock, and water.  This review summarizes most of the important studies that focused on the alteration of mineralogy, porosity, permeability, and wettability of the host rock, employing different methods such as core flooding and static soaking. Despite extensive research on CO₂–water–rock interactions, significant uncertainties remain regarding the comparative effects of supercritical CO₂ and carbonated brine injection on petrophysical, geochemical, and geo-mechanical properties under representative reservoir conditions. This review addresses these gaps by synthesizing recent experimental findings and identifying key challenges and research needs related to injectivity, low-permeability formations, and long-term reservoir integrity. This review focuses on the effects of various factors, including the CO₂ phase during injection and the presence of impurities. An analytical comparison of the supercritical and dissolved CO₂ phases was also conducted, which revealed that supercritical CO₂ generally promotes stronger mineral dissolution, wettability alteration, and salt precipitation near the injection zone. In contrast, carbonated brine produces more uniform geochemical reactions and tends to preserve or improve permeability while maintaining water-wet conditions. This review provides a comprehensive understanding of the effect of CO₂ injection on the geochemical and petrophysical properties of various rock types, integrating recent discoveries and identifying knowledge gaps.