Hexafluoroisopropanol (HFIP, 1,1,1,3,3,3-hexafluoro-2-propanol) is a fluorine-containing alcohol, which can be used in the preparation of fluorine-containing fine chemical, pharmaceutical, and pesticide ingredient. It is a widely used solvent in organic reactions that is miscible with water and many organic reagents. Hexafluoroacetone (HFA) is a key intermediate in the synthesis of HFIP. In this work, six methods for synthesizing HFA are discussed based on the different raw materials used. In addition, three methods of synthesizing HFIP, and the applications of HFIP are also reviewed.