Electrically driven multi-stable cholesteric liquid crystals can be used to adjust the transmittance of incident light. Compared with the traditional liquid crystal optical devices, the multi-stable devices only apply an electric field during switching and do not require a continuous electric field to maintain the various optical states of the device. Therefore, the multi-stable devices have low energy consumption and have become a research focus for researchers. However, the multi-stable devices still have shortcomings before practical application, such as contrast, switching time, and mechanical strength. In this article, the latest research progress on electrically driven multi-stable cholesteric liquid crystals is reviewed, including electrically driven multi-stable modes, performance optimization, and applications. Finally, the challenges and opportunities of electrically driven multi-stable cholesteric liquid crystals are discussed in anticipation of contributing to the development of multi-stable liquid crystal devices.