The formation of asset price bubbles has led to the accumulation of systemic financial risks. Their bursting may lead to the outbreak of financial crises. A series of serious consequences have prompted economists to pay attention to the issue of asset price bubbles, and a large number of insightful related theories and empirical literatures have emerged. This article follows the logical line of definition and classification of asset price bubbles, its formation mechanism, inspection and measurement, and the impact mechanism of asset price bubbles, summarizes foreign literatures and provides perspectives of analysis of asset price bubbles.