Construction and demolition waste (C&D waste) are widely recognized as the main form municipal solid waste, and its recycling and reuse are an important issue in sustainable city development. Material flow analysis (MFA) can quantify materials flows and stocks, and is a useful tool for the analysis of construction and demolition waste management. In recent years, material flow analysis has been continually researched in construction and demolition waste processing considering both single waste material and mixed wastes, and at regional, national, and global scales. Moreover, material flow analysis has had some new research extensions and new combined methods that provide dynamic, robust, and multifaceted assessments of construction and demolition waste. In this paper, we summarize and discuss the state of the art of material flow analysis research in the context of construction and demolition waste recycling and disposal. Furthermore, we also identify the current research gaps and future research directions that are expected to promote the development of MFA for construction and demolition waste processing in the field of sustainable city development.