Development of atom interferometry and its application in precision measurement are reviewed in this paper. The principle, features and the implementation of atom interferometers are introduced, the recent progress of precision measurement with atom interferometry, including determination of gravitational constant and fine structure constant, measurement of gravity, gravity gradient and rotation, test of weak equivalence principle, proposal of gravitational wave detection, and measurement of quadratic Zeeman shift are reviewed in detail. Determination of gravitational redshift, new definition of kilogram, and measurement of weak force with atom interferometry are also briefly introduced.