The 1550 nm band semiconductor optical amplifier (SOA) has great potential for applications such as optical communication. Its wide-gain bandwidth is helpful in expanding the bandwidth resources of optical communication, thereby increasing total capacity transmitted over the fiber. Its relatively low cost and ease of integration also make it a high-performance amplifier of choice for LiDAR applications. In recent years, with the rapid development of quantum-well (QW) material systems, SOAs have gradually overcome the shortcomings of polarization sensitivity and high noise. The research on quantum-dot (QD) materials has further improved the noise characteristics and transmission loss of SOAs. The design of special waveguide structures—such as plate-coupled optical waveguide amplifiers and tapered amplifiers—has also increased the saturation output power of SOAs. The maximum gain of the SOA has been reported to be more than 21 dB. The maximum saturation output power has been reported to be more than 34.7 dBm. The maximum 3 dB gain bandwidth has been reported to be more than 120 nm, the lowest noise figure has been reported to be less than 4 dB, and the lowest polarization-dependent gain has been reported to be 0.1 dB. This study focuses on the improvement and enhancement of the main performance parameters of high-power SOAs in the 1550 nm band and introduces the performance parameters, the research progress of high-power SOAs in the 1550 nm band, and the development and application status of SOAs. Finally, the development trends and prospects of high-power SOAs in the 1550 nm band are summarized.