Owing to the exceptional properties of graphene, intensive studies have been carried out on novel two-dimensional (2D) materials. In the past several years, an elegant exfoliation approach has been used to successfully create a new family of 2D transition metal carbides, nitrides, and carbonitrides, termed MXene, from layered MAX phases. More recently, some unique properties of MXene have been discovered leading to proposals of potential applications. In this review, we summarize the latest progress in development of MXene from both a theoretical and experimental view, with emphasis on the possible applications.