Sonoluminescence is a phenomenon that when a liquid is subjected to a powerful sound wave, a “sound cavitation” is yielded in the liquid, which means a bubble is generated in the liquid and is instantaneously reduced to a very small volume, and an instant flash is produced with a large amount of heat released in the process. Sonoluminescence as an interdisciplinary subject between acoustics and optics has now attracted a lot of interest. This paper systematically reviews the peculiar phenomenon of sonoluminescence, discusses several mechanisms of sonoluminescence, introduces the research progress of single-bubble sonoluminescence and multi-bubble sonoluminescence and the latest research results in various fields, and proposes prospects for the future development and application of sonoluminescence.