Ambipolar transistors represent a class of transistors where positive (holes) and negative (electrons) charge carriers both can transport concurrently within the semiconducting channel. The basic switching states of ambipolar transistors are comprised of common off-state and separated on-state mainly impelled by holes or electrons. During the past years, diverse materials are synthesized and utilized for implementing ambipolar charge transport and their further emerging applications comprising ambipolar memory, synaptic, logic, and light-emitting transistors on account of their special bidirectional carrier-transporting characteristic. Within this review, recent developments of ambipolar transistor field involving fundamental principles, interface modifications, selected semiconducting material systems, device structures, ambipolar characteristics, and promising applications are highlighted. The existed challenges and prospective for researching ambipolar transistors in electronics and optoelectronics are also discussed. It is expected that the review and outlook are well timed and instrumental for the rapid progress of academic sector of ambipolar transistors in lighting, display, memory, as well as neuromorphic computing for artificial intelligence.