In the context of “carbon peaking and carbon neutrality”, ammonia has zero carbon energy properties as well as easier storage and transportation, higher energy density, higher density, higher safety and more complete infrastructure than hydrogen. Coupled with advances in ammonia production, storage and transportation and application technologies, as well as its economic competitiveness in the whole industry chain, various countries have been attracted to the development and utilization of ammonia as a energy source. The inherent characteristics of ammonia fuel have been sorted out, its advantages, opportunities, and challenges as a zero carbon fuel have been discussed, and the experiences and inspirations of developing the ammonia industry in countries around the world have been analyzed. Research result has shown that ammonia fuel is one of the important zero carbon energy sources in the context of carbon neutrality, with broad application prospects in industries, electricity, transportation, and other fields. It is suggested that China should combine the development pace of the global “ammonia economy”, strengthen the innovation and research of low-carbon technologies for ammonia, timely layout the “green ammonia” industry, and promote the pilot demonstration and application of ammonia fuel.