Moiré superlattices are formed when overlaying two materials with a slight mismatch in twist angle or lattice constant. They provide a novel platform for the study of strong electronic correlations and non-trivial band topology, where emergent phenomena such as correlated insulating states, unconventional superconductivity, and quantum anomalous Hall effect are discovered. In this review, we focus on the semiconducting transition metal dichalcogenides (TMDs) based moiré systems that host intriguing flat-band physics. We first review the exfoliation methods of two-dimensional materials and the fabrication technique of their moiré structures. Secondly, we overview the progress of the optically excited moiré excitons, which render the main discovery in the early experiments on TMD moiré systems. We then introduce the formation mechanism of flat bands and their potential in the quantum simulation of the Hubbard model with tunable doping, degeneracies, and correlation strength. Finally, we briefly discuss the challenges and future perspectives of this field.