Low temperature polycrystalline silicon and oxide (LTPO) thin-film transistor (TFT) backplane technology combines the advantages of both low temperature polycrystalline silicon and oxide semiconductor TFTs. It has received extensive attention from both industry and academia since it is promising for development of advanced displays with low power consumption, high performance and functional integration. This paper systematically summarizes and analyzes the research progress of technologies and applications related to LTPO and highlights the technical challenges. Firstly, the integration methods of LTPO backplanes for liquid crystal displays (LCDs) and organic light emitting diode (OLED) displays are discussed respectively. Then the challenges of device structures and processing methods for LTPO integration are further discussed. Meanwhile, the advantages of LTPO technology for designing pixel circuits to be compatible with both low and high frame rate driving are analyzed, as well as the internal compensation technologies. The impacts of TFT device stability and compensation methods for ultra-low frame rate (i.e. 1 Hz) driving are also included. Finally, the content of this paper is summarized, and the prospective trend of future LTPO technology is outlined.