Stem cell is a kind of cells with self-proliferation ability and the potential of multi-directional differentiation. Advances in stem cell technologies, with embryonic stem cells and induced pluripotent stem cells as the core, are leading a biomedical revolution. This review mainly introduces the development of stem cell technologies, as well as their research progress and challenges in cell therapy, disease model, drug screening and organoids. Despite the great progress in basic stem cell research, the clinical transformation and industrialization of stem cell technologies still face many challenges. There is still much to be done to make better use of stem cells and cross-disciplinary technologies.