Circularly polarized luminescence (CPL) reveals the unique excited-state characteristics of chiral luminescent systems, offering broad interdisciplinary applications. However, current chiral luminescent materials typically suffer from inadequate polarized luminescence performance. Chiral liquid crystals possess a distinctive periodic helical structure that can selectively reflect left- or right-handed circularly polarized light. By combining these with luminescent functional materials, one can achieve CPL systems with high luminescence dissymmetry factors. Consequently, the use of chiral liquid crystals to induce and amplify the circularly polarized luminescence performance of luminescent guests has garnered significant attention. This review discusses the research progress and trends in the realm of CPL liquid crystal systems, systematically summarizing the interactions between chiral liquid crystal matrices and luminescent guests (such as organic dyes, colloidal semiconductor quantum dots, carbon quantum dots, perovskite nanocrystals, and upconversion materials), and elucidating the structural characteristics and performance of these composite systems. Finally, it explores the extensive application prospects of CPL liquid crystal materials in information security, 3D displays, asymmetric synthesis, circular polarization laser, and biosensing,while also contemplating their future directions and potential applications.