Cholesteric liquid crystals (CLC) are molecules that can self-assemble into helicoidal superstructures exhibiting circularly polarized reflection. The facile self-assembly and resulting optical properties makes CLCs a promising technology for an array of industrial applications, including reflective displays, tunable mirror-less lasers, optical storage, tunable color filters, and smart windows. The helicoidal structure of CLC can be stabilized via in situ photopolymerization of liquid crystal monomers in a CLC mixture, resulting in polymer-stabilized CLCs (PSCLCs). PSCLCs exhibit a dynamic optical response that can be induced by external stimuli, including electric fields, heat, and light. In this review, we discuss the electro-optic response and potential mechanism of PSCLCs reported over the past decade. Multiple electro-optic responses in PSCLCs with negative or positive dielectric anisotropy have been identified, including bandwidth broadening, red and blue tuning, and switching the reflection notch when an electric field is applied. The reconfigurable optical response of PSCLCs with positive dielectric anisotropy is also discussed. That is, red tuning (or broadening) by applying a DC field and switching by applying an AC field were both observed for the first time in a PSCLC sample. Finally, we discuss the potential mechanism for the dynamic response in PSCLCs.