Recently, a digestive ripening process at nanoscale has been widely used to prepare monodisperse nanoparticles (NPs), especially for sub-10 nm small NPs, with significant advantages such as the very narrow size distribution of the obtained nanoparticles, the versatile applications for various nanoparticles and the simple operation process. However, no Chinese references are reported on digestive ripening process till now, which may limit the cognition and utility of digestive ripening method for some domestic scientists. Thus, this review starts from the discovery of the phenomenon and the proposal of mechanism for digestive ripening at nanoscale, to the analysis of influence factors including the precursor in the precipitation reaction, the digestive ripening reagent, heating treatment temperature and processing time, solvent media and so on. Then, theoretical hypothesis and the derived results are introduced based on the charged surface, the curvature effect, the interaction between NP surface and attached ligand layer, the diffusion effect and the competing reaction balance in the digestive ripening process. Subsequently, the important applications of digestive ripening method in the preparation of monodisperse nanomaterials of metal NPs, alloy NPs, quantum dots of metal oxide and metal chalcogenide, and other NPs are discussed, the obtained small metal or alloy NPs show a perfect sphere shape and a very narrow size distribution (relative standard deviation less than ±5%). Finally, the broad perspectives are proposed in the NP assembly for optical, electric and magnetic nanodevices, and the heterogeneous catalysis of monodisperse metal, alloy and semiconducotr NPs via the digestive ripening method.