Vitrimer material is a polymer with dynamic cross-linking network. Under high temperature conditions, the rapid dynamic exchange reaction changes the topology of the network and rearranges it, making the material viscoelastic and "fluid"; and it has plasticity and reworkability while keeping the chemical structure and performance of the material intact. This article focused on the reversible exchange reaction types such as transesterification exchange reaction, transamidation reaction, disulfide rearrangement, and transalkylation. The latest research progress of vitrimer materials at home and abroad in recent years was discussed, and the dynamic reversible mechanism and performance characteristics of the materials were discussed. The development trends of future research were prospected.