Based on present research status of quasicrystal, the classification with structural symmetry, the construction of quasi-periodic model and the correlation between quasicrystal and its approximants were introduced briefly. The preparation technology of bulk single grian quasicrystal, defect evolution during plastic deformation, surface structure, surface property and other physical properties were summarized. Theoretical research such as continuum mechanics, atomistic simulation, Monte Carlo simulation and Finite Element Method were also discussed. The application of quasicrystal was prospected according to its physical properties including low surface energy, low friction coefficient and wear rate, excellent dispersion strengthening, high hardness and Young's Modulus, plasticity at high temperature, high thermal resistance and corrosion resistance, etc. Current limitations such as brittleness and bulk volume were pointed out, and issues which remain to be solved for further engineering applications were listed.