Based on the classification, the preparation, the properties and the applications of the liquid explosive, the development and present situation of liquid explosive are discussed in detail. It is pointed out that the mixed liquid explosive are used widely in military and civilian areas, because of the widespread raw material sources, simply production, good performance and many other unique characteristics, and has been made quite great development. At the same time it is warned that the liquid explosive have become the main choice of the terrorists for blasting terrorism. The management of liquid explosive raw materials is proposed to strengthen.