This work reviews the transient two-phase flow in porous media with engineering applications in Geotechnics. It initially overviews constitutive relationships, conventional theories, and experiments. Then, corresponding limitations are discussed according to conflicting observations and multiphase interfacial dynamics. Based on those findings, the dynamic nonequilibrium effects were so defined, which could also be abbreviated as dynamic/transient effects. Four advanced theories have already been developed to resolve these effects. This review collects them and discusses their pros and cons. In addition, this work further reviews the state-of-art in terms of experimental methods, influential factors in dynamic/transient effects, and modelling performance, as well as micromodel and numerical methods at pore-scale. Last, the corresponding geotechnical applications are reviewed, discussing their applicability in effective stress, shear strength, and deformation. Finally, the entire review is briefed to identify research gaps in Geotechnics.