With the rapid improvement of high-performance computational resources recently, the horizontal resolution of models is gradually refined. Convection-permitting (≤4 km) models (CPMs) have become one of the main directions in the development and application of regional climate models. This paper reviewed four CPMs modeling methods, added value of CPMs compared to regional climate models with traditional resolution, and future climate projections based on a comprehensive literature review. CPMs can explicitly represent deep convection processes without using convective parameterization schemes, which significantly improves the ability to represent complex topography and surface forcing. CPMs have added value in simulating characteristics of precipitation (precipitation diurnal cycle, duration, precipitation intensity at subdaily scale, intensity of extreme precipitation with short duration), characteristics of snow (snow depth, coverage), characteristics of mesoscale convective systems (number, duration), characteristics of tropical cyclone (intensity, track), patterns of urban heat island and effects of urbanization on precipitation. There are still some challenges and uncertainties in CPMs, and in the future, higher-resolution datasets, improved cloud microphysical processes and boundary layer parameterization schemes, higher-performance computational resources can be used to further improve the ability of convection permitting regional climate simulation and application.