Abstract: With the continuous promotion of the "Dual Carbon" strategy, bamboo has gained increasing attention as a green and renewable material for structural applications. However, natural bamboo presents several limitations. These include highly variable mechanical properties, insufficient fire and decay resistance, as well as difficulties in reliable connections. Such drawbacks restrict its use in multi-story and high-rise building structures. Engineered bamboo, produced through standardized processing techniques, effectively overcomes the inherent defects of natural bamboo. Its mechanical properties are substantially enhanced and stabilized, with representative types such as laminated veneer bamboo and parallel strand bamboo achieving flexural strengths of 77–157 MPa and flexural moduli of elasticity of 8–16 GPa, thereby meeting the fundamental requirements for modern structural materials. This paper provides a systematic review of the mechanical properties and constitutive relationships of these two primary types of engineered bamboo. It comprehensively summarizes the mechanical behavior and design methodologies for basic structural elements, including beams, columns, and floor slabs, and further examines the performance and recent research progress on various connection forms such as bolted joints, metal-plate-connected joints, and energy-dissipation joints. Furthermore, by examining typical practical applications, the paper analyzes the comprehensive advantages of engineered bamboo structural systems. Research indicates that engineered bamboo is not only mechanically reliable but also possesses remarkable carbon sequestration benefits. Life cycle assessments show that per cubic meter of engineered bamboo can sequester approximately 1140 kgCO₂e of biogenic carbon, with its carbon storage being about 2.4 times its production emissions. This characteristic renders it highly competitive in facilitating the low-carbon transition of the building industry. Concurrently, this review identifies challenges regarding durability, fire resistance, and standardization, aiming to provide valuable insights for future research and engineering application of this material.