Metallocene catalysts have attracted much attention from academia and industry for their excellent catalytic activity in the field of olefin polymerization. Cocatalysts play a key role in metallocene catalytic systems, which can not only affect the overall catalytic activity, but also have an obvious influence on the structure and properties of the polymer. Although methylaluminoxane (MAO) is currently the most widely used cocatalyst, its price increases the production cost of polyolefin materials. Ammonium tetrakis(pentafluorophenyl)borate has shown excellent performance in polymerization, being one of the best substitutes for the traditional cocatalyst MAO. Compared with the main catalyst, whose composition and structure are relatively complex, the research on cocatalyst is very limited. This review mainly introduces the research history, preparation methods, and application progress in polymerization of ammonium tetrakis(pentafluorophenyl)borate, deepening our understanding of the role of cocatalyst in polymerization, with the hope of inspiring brand-new thinking on improving and enhancing the overall performance of catalyst systems.