Though peatlands comprise approximately only 2%~3% of the global terrestrial area and about 40%~70% of all the wetlands of the world, their carbon storage reaches as high as 3.0×10¹⁷~6.0×10¹⁷ g, accounting for 14%~40% of the global soil organic carbon pool (1.5×10¹⁸~2.344×10¹⁸ g). In the past, studies on carbon storage in peatlands focused mainly on carbon pool in the soil, especially in regions high in latitude, and few comprehensive reports were available on carbon pools in vegetation and litter layers. Here, a comprehensive analysis and review of the progress of the study on budgeting carbon storages in the soil, vegetation and litter layer carbon pools, the three major components of the carbon pool of the global peatlands. Now, it is still existing big uncertainties in budgeting carbon storage of the global peatlands. Inadequacy of information and data available from the countries or regions that have largest areas of peatlands, including biomasses of the vegetation and litters, carbon mass fraction, and thickness, bulk density and area of the peat layers, is a major one in budgeting. Then anthropogenic disturbance may further contribute to the uncertainty, thus making the budgeting more difficult. It is well known that China ranks first in Asia and fourth in the world in area of wetlands. However, in budgeting organic carbon storage in peatlands/wetlands, China differs quite sharply from others in the world, because the data and information are inadequate and varying sharply. Therefore, in order to improve precision of the budgeting peat wetland carbon storage and accuracy of the prediction of mechanism of the terrestrial ecosystem responding to climate change. It is, therefore, essential to intensify the study on carbon storage in peatlands.