Dynamic control of selective reflection of chiral liquid crystals (LCs) through the external field is one of the important research directions. In recent years, a special nematic phase, twist-bend nematic (N_tb), has been discovered, and a new type of oblique heliconical cholesteric phase (Ch_OH) can be formed by mixing N_tb mixture with chiral molecules under electric field induction. Different from the electric-field modulation performance of ordinary cholesteric phase, the pitch of Ch_OH decreases in a certain range with increasing electric field intensity, thus realizing the wide range switching of selective reflection from ultraviolet to near infrared spectra. This phenomenon caused the wide attention of the researchers, and it also makes the Ch_OH LCs material have great potential in reflective display, smart windows, tunable filters, holograms and other applications. On the basis of a brief introduction of the characteristics of Ch_OH LCs, this review paper focuses on the recent research progress of field-controlled Ch_OH LCs and polymer/Ch_OH LCs composites, and prospects their future development trends.