Laser Induced Breakdown Spectroscopy (LIBS) is a new method for qualitative and quantitative analysis of the constituents of a material using plasma spectra produced by the interaction of a strong pulsed laser with the material. In the process of pulsed laser-induced plasma, different laser parameters (energy, pulse width, wavelength), environmental conditions during the detection process and the properties of the material itself have different degrees of influence on the physical mechanism of laser-induced plasma, which in turn affects the results of LIBS quantitative analysis. We review the physical mechanisms of LIBS technology in the current state, including the basic principles of LIBS, the differences in laser parameters, and the physical mechanisms involved in the differences in environmental and material properties. It provides a basis for a deeper understanding of laser-matter interactions and for improving the detection capabilities of LIBS.