Understanding, modeling and control of the high-speed wall-bounded transition and turbulence not only receive wide academic interests but also are vitally important for high-speed vehicle design and energy saving because transition and turbulence can induce significant surface drag and heat transfer. The high-speed flows share some fundamental similarities with the incompressible counterparts according to Morkovin’s hypothesis, but there are also significant distinctions resulting from multi-physics coupling with thermodynamics, shocks, high-enthalpy effects, and so on. In this paper, the recent advancements on the physics and modeling of high-speed wall-bounded transitional and turbulent flows are reviewed; most parts are covered by turbulence studies. For integrity of the physical process, we first briefly review the high-speed flow transition, with the main focus on aerodynamic heating mechanisms and passive control strategies for transition delay. Afterward, we summarize recent encouraging findings on turbulent mean flow scaling laws for streamwise velocity and temperature, based on which a series of unique wall models are constructed to improve the simulation accuracy. As one of the foundations for turbulence modeling, the research survey on turbulent structures is also included, with particular focus on the scaling and modeling of energy-containing motions in the logarithmic region of boundary layers. Besides, we review a variety of linear models for predicting wall-bounded turbulence, which have achieved a great success over the last two decades, though turbulence is generally believed to be highly nonlinear. In the end, we conclude the review and outline future works.