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The recent failures in flexible pipes have motivated the exhaustive research of corrosion mechanisms on high-strength carbon steel armor wires that are the main structural compounds of those structures that mostly operate in seawater environments in the presence of carbon dioxide (CO2) and confined spaces. Recently, the literature reported discoveries about electrolyte properties (as Fe+2(aq)/HCO3-(aq.) ratio) and supersaturation, near neutral pH inside the confined space, multiphase reactions of contaminants present in CO2 gas, the formation and dissolution mechanism of FeCO3 film, and interaction of CO2 gas impurities with the corrosion scale. Therefore, this review is aimed at presenting an up-to-date narrative of the CO2 corrosion phenomenon in carbon steel, connecting background fundamentals with current data studies. [ABSTRACT FROM AUTHOR]