With the increasing standards of safety management in nuclear power plants, Living Probabilistic Safety Assessment (Living PSA) technology has begin to play an increasingly important role in their operation. This paper aims to provide an overview of the application and development of Living Probabilistic Safety Assessment (Living PSA) technology in nuclear power plant safety monitoring and risk assessment, examining the key technologies and future challenges. Initially, we summarize the current safety needs in regard to nuclear power, examine the policy on configuration risk management technology for nuclear power plants, and outline its importance and development process in nuclear power plant safety management. Subsequently, we discuss the basic principle of Living PSAs and the working method of risk monitoring based on Living PSAs, including information monitoring data collection, online identification, real-time model updating, and risk calculation. Within the Living PSA framework, model development is not merely about creating a theoretical or static representation; it is a dynamic and ongoing process that involves a deep understanding and precise simulation of the behavior of nuclear power plant systems and components. This represents the main research efforts in Living PSAs at present. Additionally, this paper identifies the key technologies of Living PSAs in an in-depth manner, such as the reliability-model-updating technology and model building in dynamic reliability analyses, including the fault tree model, multi-layer flow model, GO-FLOW model etc. The paper lists the work of some scholars in this area in recent years, which helps readers and researchers to clearly understand the current progress of Living PSA technologies in terms of model establishment and updating. Finally, the paper summarizes the challenges and future development of Living PSA and emphasizes the possible problems in data quality, human factor engineering, and the development of Living PSA technologies in the future. In the future, Living PSAs will provide more solid support for the realization of safer and more economical methods of operating nuclear power plants.