Short-season cotton is a type of cotton variety characterized by its abbreviated cycle, rapid development, and concentrated flowering and boll setting. Compared with full-season cotton, short-season cotton facilitates an easier attainment of desirable maturation even when sown relatively late. This advantage of late sowing and early maturation eliminates the necessity for plastic film mulching, thereby creating opportunities for diversified double cropping, such as cotton–wheat, cotton–garlic, cotton–rape, and cotton–triticale systems. This paper provides a comprehensive review of the morphological, physiological, and molecular biological mechanisms underlying early maturity in short-season cotton. Furthermore, the significance and application of short-season cotton is discussed in relation to optimizing planting patterns and methods, promoting its cultivation in saline fields, developing machine-harvested cotton, and encouraging plastic mulch-free cotton planting. Based on these analyses and discussions, the paper proposes future strategies aimed at enhancing the breeding and cultivation of short-season cotton. These findings serve as valuable references for global breeding and cultivation research, and application of short-season cotton in the future.