The classical random walk formalism plays an important role in a wide range of applications. Its quantum counterpart, the quantum walk, is proposed as an important theoretical model for quantum computing. By exploiting quantum effects such as superposition, interference, and entanglement, quantum walks and their variations have been extensively studied for achieving computing power beyond that of classical computing and have been broadly used in designing quantum algorithms for algebraic and optimization problems, graph and network analysis, and quantum Hamiltonian and biochemical process simulations. Moreover, quantum walk models have been proven capable of universal quantum computation. Unlike conventional quantum circuit models, quantum walks provide a feasible path for implementing application-specific quantum computing, particularly in the noisy intermediate-scale quantum era. Recently, remarkable progress has been achieved in implementing a wide variety of quantum walks and quantum walk applications, which demonstrates the great potential of quantum walks. In this review, we provide a thorough summary of quantum walks and quantum walk computing, including theories and characteristics, physical implementations, and applications. We also discuss the challenges facing quantum walk computing, which aims to realize a practical quantum computer in the near future.