Water cavitation peening is a material surface modification technology that uses the huge energy generated by the cavitation phenomenon to impact the material surface and intensify parts. It has a strengthening effect on numerous materials. Therefore, it is widely used to improve the surface state of parts, form residual compressive stress layer, and extend the fatigue life of parts. In this paper, basic principles, experimental setups, and research contents of water jet cavitation peening (WJCP), ultrasonic cavitation peening (UCP), and laser cavitation peening (LCP) are introduced. And the changes of residual compressive stress, roughness and fatigue life of different metal materials after water cavitation peening are summarized theoretically and experimentally. On the basis of the above research, combined with the advantages of water cavitation peening technology, the development direction and application prospect of the technology in the future are prospected. Research shows that water cavitation peening technology as a new surface strengthening technology has unique advantages and broad prospects for development.