As a phase transition metal oxide, the phase transition temperature of vanadium dioxide (VO2) is 68℃. VO2 presents an insulating monoclinic phase below 68?C and a rutile phase above 68?C. Because of the change in crystal structure, VO2 exhibits reversible mutations in optical and electrical properties, thus becoming a darling in the field of photoelectric switches. Based on this, this paper reviewed the preparation methods of VO2 and the main measures taken to regulate the phase transition temperature and performance of VO2. The advantages and disadvantages of different preparation methods and the factors that regulate the phase transition temperature and performance of VO2 were generalized. The application progress of VO2 in recent years was also summarized. Finally, the future development trend of VO2 was prospected. It was expected to provide guidance for researchers in related fields.