Characteristic features of photochemical hole-burning (PHB) in the impurity spectra of low-temperature solids and PHB applications in molecular spectroscopy are considered. The evolution of a no-phonon hole and a phonon sidehole in excitation and fluorescence spectra is analysed on the basis of model calculations. Some more complex models for PHB are considered, which take into account reverse reactions, the optical thickness of the sample, the inhomogeneous dispersion of both homogeneous linewidths and transition energies of the photoproduct and quasi-static impurity-impurity interactions. The effects of PHB on fluorescence line narrowing are discussed. By PHB homogeneous linewidths of purely electronic and vibronic no-phonon lines in the spectra of some porphine and phthalocyanine derivatives in various matrices are measured and their temperature dependence is studied. The latter is found to be essentially different in polycrystalline and glassy matrices. Line-broadening mechanisms are discussed. By PHB the existence of an inhomogeneous distribution of vibrational frequencies in molecular impurities is established. The applications of PHB in the studies of photochemical reactions in solid solutions of phthalocyanine derivatives and tetracene are regarded and the mechanisms of these reactions are discussed. The results obtained by PHB for chlorophyll and its derivatives are presented.