With fast development of electronic devices, novel strategies of thermal management have been received great attention to dissipate high heat fluxes. As an efficient heat transfer device, loop heat pipe (LHP) provides ideal solution for such purpose. Even though LHP was invented nearly half-century ago, challenges still exist on its design, fabrication and operation. The objective of this paper is to present a thorough review on LHPs, paying more attention on the working principle, advantage and configuration. The review is performed in three aspects. First, the macroscopic operation characteristics such as start-up, temperature fluctuations and anti-gravity operation are described. Second, effects of various parameters or factors such as porous wick material, pore size and micro-structure on LHPs are reviewed. Third, new concept LHPs using biporous wick and wettability modification are discussed. Finally, perspective of LHPs is presented, which guides future research and development activities, from both fundamental and application point of view.