With the prosperity of the Internet of Things (IoT) industry environment, the variety and quantity of IoT devices have grown rapidly. IoT devices have been widely used in smart homes, smart wear, smart manufacturing, smart cars, smart medical care, and many other life-related fields. With it, security vulnerabilities of IoT devices are emerging endlessly. The proliferation of security vulnerabilities will bring severe risks to users’ privacy and property. This paper first describes the research background, including IoT architecture, device components, and attack surfaces. We review state-of-the-art research on IoT device vulnerability discovery, detection, mitigation, and other related works. Then, we point out the current challenges and opportunities by evaluation. Finally, we forecast and discuss the research directions on vulnerability analysis techniques of IoT devices.