Ionic polymer metal composite (IPMC) transducers, as one of the typical electroactive polymers with excellent electromechanical coupling properties, have tremendous potential to achieve high-performance actuators and sensors for flexible electronic and soft robotics. In this survey, after briefly describing the energy conversion mechanism of IPMC, we divided the history of IPMC into three stages based on the published papers, and then introduced the preparation technologies of IPMC in detail, which mainly include the selection of ionomer membrane and formation of electrodes. From the point of view of optimization, we summarized and analyzed the performance improvement methods of IPMC and the problems when it is used as actuators and sensors, respectively. The latest and typical applications of IPMC are widely presented as actuators and sensors, such as actuation in robots, grippers, medical and wearable devices, underwater perception and energy harvesting. Moreover, the challenges and opportunities of IPMC were envisioned for future prosperity. This survey will provide an overall general outline for the categorization, mechanism, precursors, and preparation methods of IPMC, which is helpful in facilitating the rapid development and application of IPMC.