Very recently, higher-order topological insulators and superconductors have attracted wide attention and aroused the great interest of researchers. Owing to their unconventional bulk-boundary correspondence, higher-order topological insulators and superconductors possess novel boundary modes whose dimensions are always lower than the first-order (or say conventional) topological insulators and superconductors, provided that their bulk dimensions are the same. The essence of higher-order topological phase is the formation of Dirac-mass domain walls on the gapped one-dimensional lower boundary. Roughly speaking, the origins of the formation can be classified as " intrinsic” and " extrinsic” type. For the former case, the formation of domain walls is forced by symmetry, suggesting that the resulting higher-order topological phases can be taken as topological crystalline phases. For this case, the domain walls are quite robust if the corresponding symmetry is preserved. For the latter case, the domain walls are formed simply because the one-dimensional lower boundary modes are gapped in a nontrivial way, however, the nontrivial way is not forced by symmetry. For this case, the domain walls are also stable against perturbations as long as the separations between them are large enough. The domain walls can have various patterns, which indicates that the higher-order topological phases are very rich.In this paper, we first reveal the connection between the higher-order topological phase and the first-order topological phase. Concretely, we show how to realize a higher-order topological phase by breaking some symmetries of a first-order topological phase, as well as stacking lower-dimensional first-order topological systems in an appropriate way. After these, we review the recent progress of theoretical and experimental study of higher-order topological insulators and superconductors. For the higher-order topological insulators, we find that the electronic materials are still laking though a lot of experimental realizations have been achieved. For higher-order topological superconductors, we find that their experimental realization and investigation are still in the very primary stage though quite a lot of relevant theoretical studies have been carried out. In order to comprehensively understand this newly-emerging field there are still many things to be done.