SHS process in the multilayer nanofoils possesses many unique properties, such as unexpectedly high propagating rate (up to 102 m/s) and extremely short time of reaction and product phase formation (10-7 – 10-6 s). Understanding of the mechanism of this process has critical significance not only for the theory of SHS, but also for various applications of the reactive nanofilms, e.g., joining of dissimilar materials and items. An overview of new experimental results shows existence of complex structure of the reaction waves in the multilayer foils and reveals some new “solid-flame” combustion phenomena at macroscopic level. Comparison of these data with the study of the micro- and nano-scale processes by different experimental methods sheds new light on the intrinsic mechanism of the process. The roles of the melts, reactive exothermic dissolution and methastable phases are discussed.