Microwave is a form of electromagnetic radiation that has high penetration and heating efficiency in food processing. Uneven heating is the main problem of microwave processing, especially in solid foods. Fluid and semifluid media, which are good carriers in microwave processing, have uniform dielectric properties and good material fluidity. Herein, we review the development, application prospects, and limitations of microwave in fluid and semifluid food processing and the research progress in microwave heating with steam as carrier. The mixture of generated steam and tiny micro droplets from food material under the action of microwave can absorb microwave and transfer heat evenly, which effectively improves the uniformity of microwave heating. Due to the relatively uniform dielectric properties and consistent texture of fluid and semifluid food materials, uneven heating phenomenon during their microwave processing can be significantly inhibited. Based on the development of microwave heating technology and equipment design, the microbial inactivation and enzyme inhibition in fluid and semifluid food were improved and food product with better retention of nutrients and sensory profile were produced. Also, microwave radiation can be used to prepare the printing material or process the printed product for 3D food printing, which enhances the added value of 3D printed products and the personalization of food manufacturing. In future research, intelligent control technology can be applied in the microwave processing of fluid and semifluid food materials for various applications. Therefore, the processing conditions can be adjusted automatically.