Corporate Financialization is an important and basic branch of economic financialization research, and it is a microscopic manifestation of the economic shift “from real to virtual”. Since the 1990s, it has gradually become a hot topic in academic research. By reviewing the classic and cutting-edge literatures on corporate financialization both at home and abroad, this paper summarizes the connotation, measurement and identification, causes and economic consequences of corporate financialization, which helps researchers to further understand corporate financialization from a micro perspective. As well as describing the findings of corporate financialization studies, we highlight some limitations of the literatures and discuss some opportunities for future study.