Additive manufacturing technology is a special processing technology that has developed rapidly in the past 30 years. The materials used are divided into powder and wire. Additive manufacturing technology using wire as the material has the advantages of high deposition rate, uniform composition, and high density. It has received increasingly more attention, especially for the high efficiency and rapid prototyping of large-size and complex-shaped components. Wire arc additive manufacturing has its unique advantages. The concept, connotation, and development history of arc additive manufacturing technology in foreign countries are reviewed, and the current research status of arc-based metal additive manufacturing technology is reviewed from the principles, development history, process, and practical application of arc additive manufacturing technology. It focuses on the forming system, forming material, residual stress and pores, and other defect controls of the technology, as well as the current methods of mechanical properties and process quality improvement, and the development prospects of arc additive manufacturing technology are prospected. The results show that the related research work of wire arc additive manufacturing technology is still mainly focused on the experimental research stage and has yet not gone deep into the exploration of the forming mechanism. The research work in this field should be more in-depth and systematic from the physical process of forming the molten pool system from the perspectives of stability, the organization evolution law, and performance optimization. We strive to carry out wire arc additive forming technology and theoretical research to promote the application of this technology in modern manufacturing.