Recent progresses on quantum control of cold atoms and trapped ions in both the scientific and technological aspects greatly advance the applications in precision measurement. Thanks to the exceptional controllability and versatility of these massive quantum systems, unprecedented sensitivity has been achieved in clocks, magnetometers, and interferometers based on cold atoms and ions. Besides, these systems also feature many characteristics that can be employed to facilitate the applications in different scenarios. In this review, we briefly introduce the principles of optical clocks, cold atom magnetometers, and atom interferometers used for precision measurement of time, magnetic field, and inertial forces. The main content is then devoted to summarize some recent experimental and theoretical progresses in these three applications, with special attention being paid to the new designs and possibilities towards better performance. The purpose of this review is by no means to give a complete overview of all important works in this fast developing field, but to draw a rough sketch about the frontiers and show the fascinating future lying ahead.