China’s coal mines have to extend to greater depths for the exploitation of more mineral resources, and they have suffered catastrophic mining-induced disasters, such as rockbursts, water inrushes, coal and gas outbursts, and roof fall accidents. The microseismic monitoring technique is a practical tool for mine safety management, which is extensively utilized in many Chinese coal mines. Microcracks of coal/rock masses are recorded as microseismicities in the field, and the potential mining-induced instabilities can be assessed by in-depth analysis of the microseismic parameters. This study provides a state-of-the-art review of the achievements and developments of the microseismic monitoring technique in coal mines. It also presents some prospects for improving the location accuracy of microseismicity, efficient and intelligent processing of the microseismic data, comprehensive assessment of coal/rock instabilities, and development of new microseismic monitoring equipment. This study is valuable for mine safety management and may contribute to improving the deep mining production.