Contemporarily, plenty of important breakthroughs in the systematic theoretical research of Hall effect as well as a great number of applications of Hall effect have taken place. In this paper, we elucidate the theoretical development and application of the Hall effect. To be specific, the category of Hall effect and recent progress in this research field. According to the analysis, the study of Hall effect was a complex system and still have potential to develop further on theories or applications. In addition, the scheme to effectively apply Quantum Anomalous Hall effect on high-performance electronic devices and the path to commercially manufacture them should be followed with interest are detailly demonstrated. These results shed light on guiding further exploration of emerging subject, e.g., the 3D Hall effect and Valley Hall effect and their corresponding applications.