Cs 2 AgBiBr 6 , as a benchmark lead-free double perovskite, has emerged as a promising alternative to lead-based perovskites because of its high stability, non-toxicity, exceptional optoelectronic properties, and multifunctionality. To encourage further research on Cs 2 AgBiBr 6 and its broad applications, in this review, its fundamental properties including the structure-property relation, synthesis, stability, origin of absorption and photoluminescence, electronphonon coupling, role of defects, charge carrier dynamics, and bandgap modulation are comprehensively emphasized. The recent progress on the wide applications including solar cells, light/X-ray detectors, and ferroelectric/magnetic devices are highlighted. Moreover, the challenges of Cs 2 Ag-BiBr 6 materials and related applications are discussed and perspectives are provided for guiding the future development of this research area.