Molecular distillation is a new separation technology. Compared with the traditional separation technology, the operating temperature is far lower than the boiling point of liquid, the distillation pressure is under extremely high vacuum, the heating time is short, the system is basically oxygen-free, and the effective components in the system can be guaranteed to the maximum extent. The basic principle, technical characteristics and equipment of molecular distillation technology are reviewed, and its advantages and disadvantages are analyzed and evaluated. The application of molecular distillation technology in industrial production, existing problems and solutions are introduced, which shows a broad application prospect. The advantages and disadvantages of the application of molecular distillation technology in various fields are discussed. In this paper, the molecular distillation technology is comprehensively reviewed from the aspects of its principle, structure type, industrial application and research status. Finally, on this basis, the key problems to be solved urgently in the future of molecular distillation technology are put forward, and the prospect of promoting the industrialization process of molecular distillation technology is put forward.