Dynamic dimming glazing can adjust the luminous flux of the target spectral band selectively according to the climate change，thus having a good capability for light and heat management, which has attracted increasing attention in building energy conservation. Dynamic dimming glazing for multi-band (i.e., visible light, near-infrared light, and long-wave infrared light) modulation has a greater energy-saving potential due to its more efficient spectral utilization. This review mainly represented the multi-band modulation of the dynamic dimming glazing. The effect of spectral modulation on energy efficiency was discussed, and the related technologies for multi-band modulation were demonstrated. Meanwhile, some challenges in the industrialization of this energy-efficient glazing were analyzed. In addition, the future development trends were also described in accordance with the recent cutting-edge technologies.