Acetate-based ionic liquids (AcILs), as a kind of typical carboxylate-based ILs, display excellent structure tunability, non-volatility, good solubility to biomass, and favorable adsorption capacity, etc. These unique characteristics of AcILs make them important candidates for a range of applications in the field of energy and in the petrochemical industry. This paper intends to provide a comprehensive overview of recent advances in AcILs, including pure AcILs, AcIL-based multi-solvents, and AcIL-based composites, etc. Preparation methods, with one- and two-step synthesis, are reviewed. The relationship between properties and temperature is discussed, and some physical and thermodynamic properties of different AcILs are summarized and further calculated. The applications of AcILs in the fields of biomass processing, organic synthesis, separation, electrochemistry, and other fields are reviewed based on their prominent properties. Thereinto, the dual functions of AcILs as solvents and activators for biomass dissolution are discussed, and the roles of AcILs as catalysts and reaction mediums in clean organic synthesis are highlighted. Meanwhile, the reaction mechanisms of AcILs with acid gases are posed by means of molecular simulation and experimental characterization. Moreover, AcILs as electrolytes for zinc batteries, supercapacitors, and electrodeposition are particularly introduced. Finally, the future research challenges and prospects of AcILs are presented.