Reverse micellar emulsion polymerization is a technology that conducts polymerization reactions based on thermodynamically stable microemulsion systems, featuring small particle sizes and stable states. This article reviewed the development history, polymerization process, polymerization reaction kinetics and mechanism, process optimization, and its application in the preparation of functional materials of reverse micellar emulsion polymerization. It focused on analyzing the characteristics of the polymerization process, the controversy of nucleation mechanisms, and the complexity of monomer transport. In response to the two major bottlenecks in industrial applications, namely reducing the amount of surfactants in the polymerization process and developing continuous production processes, it summarized optimization strategies such as the multiple addition method and polymerization without small molecule emulsifiers. The aim is to provide theoretical basis and practical guidance for the industrial development of this technology.