We review the history, development, design principles, experimental operating characteristics, and specialized architectures of interband cascade lasers for the mid-wave infrared spectral region. We discuss the present understanding of the mechanisms limiting the ICL performance and provide a perspective on the potential for future improvements. Such device properties as the threshold current and power densities, continuous-wave output power, and wall-plug efficiency are compared with those of the quantum cascade laser. Newer device classes such as ICL frequency combs, interband cascade vertical-cavity surface-emitting lasers, interband cascade LEDs, interband cascade detectors, and integrated ICLs are reviewed for the first time.