Digital twin technology is a key technology for achieving intelligent manufacturing and industrial digital transformation, and has received widespread attention and research from both academia and industry. With the rapid development of data collection technology, computer performance, and related intelligent algorithms in the past decade, significant progress has been made in the research and application of digital twin technology. In response to the diversity of digital twin technology application fields and the complexity of object hierarchy, this article reviews the development process of the basic concepts and models of digital twin, and summarizes the key technologies and development achievements of digital twin technology in the manufacturing industry. On this basis, this article elaborates the current application status of digital twin technology in the manufacturing industry at three levels and the new paradigm of empowering intelligent manufacturing with digital twins. Finally, this article discusses the future development trends of digital twin technology in the manufacturing industry, providing reference for subsequent research.