The AntarcticCircumpolar Wave (ACW) is a newly discoveredocean phenomenon. Although the research history for ACW is very short, important progresses have been made on the research of the variation and generation mechanisms of ACW.With the advancing of the research on the role it plays in the global climate chang, ACW has become the front topic in the field of ocean and atmosphere. In this paper, most research results about ACW have been reviewed. Progress and direction for the development of the research of ACW have been concluded. We hope our research will promote the research on ACW and corresponding ocean-atmosphere phenomenon in our country.