Laser-induced surface periodic structure (LIPSS) is a universal characteristic of solid materials. The LIPSS on the material surface can change the properties of the material. Many special functions can be achieved using these characteristics. This study summarizes recent representative studies on LIPSS. First, the surface energy distribution and material flow under the action of laser are used as the starting point to theoretically explain the formation principle of LIPSS. Then, the research work on the formation of LIPSS on the surface of thin films and etched materials and the influence of laser parameters on LIPSS are described. Finally, applications of LIPSS in modern industry, such as special crystal preparation, superhydrophilic/hydrophobic materials, and medical materials, are introduced. This study sorts out and summarizes the recent study on LIPSS-related fields from the above three aspects and looks forward to the future development of LIPSS-related technologies.