In recent years, propelled by the rapid iterative advancements in digital imaging technology and the semiconductor industry, encompassing microelectronic design, manufacturing, packaging, and testing, time-of-flight (ToF)-based imaging systems for acquiring depth information have garnered considerable attention from both academia and industry. This technology has emerged as a focal point of research within the realm of 3D imaging. Owing to its relatively straightforward principles and exceptional performance, ToF technology finds extensive applications across various domains including human−computer interaction, autonomous driving, industrial inspection, medical and healthcare, augmented reality, smart homes, and 3D reconstruction, among others. Notably, the increasing maturity of ToF-based LiDAR systems is evident in current developments. This paper comprehensively reviews the fundamental principles of ToF technology and LiDAR systems, alongside recent research advancements. It elucidates the innovative aspects and technical challenges encountered in both transmitter (TX) and receiver (RX), providing detailed discussions on corresponding solutions. Furthermore, the paper explores prospective avenues for future research, offering valuable insights for subsequent investigations.