Ever since the founding of the Audio and Video Coding Standard (AVS) Workgroup of China in 2002, it has been dedicated to advancing and innovating the digital audio-video industry with highly efficient and economical encoding/decoding technologies. Three representative generations of video coding standards have been finalized and published, consistently improving the coding performance in the past two decades. The series of AVS standards establish solid foundations for ubiquitous video applications in the areas including acquisition, coding, production, delivery, integrated system, public service, general screen content, and mixed reality media. Along with the standardization process, an extensive amount of studies have been carried out on efficiency-aware designation, algorithm optimization, and hardware implementation of these innovative video coding techniques. This paper explains how those developed techniques provide a lasting impact on the video coding community, extensively, technologically, and systematically. In particular, we provide a comprehensive survey of the three generations of the standards, and timely and in-depth summarize the efforts of the AVS video coding standards in the twenty years. The rate-distortion performance comparisons, in particular in terms of the 8K ultra-high-definition (UHD) contents, reflect the elegant design of the state-of-the-art AVS3 standards. We have also elaborated on a variety of well-established and promising applications, including commercial level real-time 8K encoder, high-frame-rate decoder chip for cell phone, and live streaming solution for sports. In addition, the China Central Television (CCTV) of China Media Group (CMG), the state television of China, has officially launched the first 8K broadcasting channel (CCTV-8K) since 2021 using AVS3. Given the significant success realized by the AVS standards, it is envisioned that a new era of 8K UHD video is arriving.