The development of low-carbon refractories is of great significance, but it is limited by the deteriorated properties that resulted from the decreased graphite content. Incorporating composite powders has proved to be effective in improving the properties of low-carbon refractories. The recent progress in the synthesis of composite powders including modified graphite, nanocarbon-containing composite powders, oxide/non-oxide and non-oxide composite powders and their applications in low-carbon refractories were reviewed, and the future development of composite powder technology was prospected.