Abstract: With the rapid development of advanced manufacturing technology, the demand for high-performance coatings has correspondingly increased. Deposition of high-performance coatings in an economic and efficient way has become a hot topic in scientific research. Due to the advantages of both magnetron sputtering and vapor deposition, the magnetron sputtering technology of liquid target has been widely concerned by researchers. The underlying principles of liquid target magnetron sputtering technology is deeply studied. The discharge characteristics and plasma properties of liquid target magnetron sputtering technology are deeply analyzed. The distinctive features and advantages of liquid target magnetron sputtering technology are summarized, and the specific applications in the field of coating deposition is mainly introduced. The current limitations of this technology are also pointed out, and its future development trends is prospected.