In recent years, the problem of low-frequency line spectrum noise generated by the flow-induced cavity oscillation of underwater vehicles has become increasingly prominent as it seriously threatens stealth performance. Focusing on practical engineering problems such as the flow-induced noise of underwater vehicles, this study analyzes the generation mechanism and characteristics of incompressible cavity flow-induced noise, and summarizes its flow characteristics and the development trend of noise control technology. First, the basic mechanisms and characteristics of cavity self-sustained oscillation are summarized, as well as research progress on the self-sustained oscillation feedback mechanism and three-dimensional instability characteristics. The generation mechanisms and basic characteristics of flow-induced cavity resonance are then introduced, including rectangular/cylindrical cavity acoustic modal resonance and flow-induced Helmholtz resonance. Second, the research progress of active and passive control methods is compared and analyzed. Finally, the future research direction of incompressible cavity flow is predicted. It is recommended to carry out research on the cavity self-sustaining oscillation feedback mechanism and three-dimensional instability, cavity flow-induced resonance mechanism and acoustic radiation characteristics, and incompressible cavity flow-induced noise control methods.