Polymer-stabilized liquid crystals (PSLCs) are multi-functional materials consisting of polymer networks in a continuous phase of liquid crystals (LCs), of which polymer networks provide anchoring energy to align the LCs. A number of improvements are detailed, including polymer-stabilized nematic liquid crystals (PSNLCs), polymer-stabilized cholesteric liquid crystals (PSCLCs), polymer-stabilized blue phase liquid crystals (PSBPLCs), polymer-stabilized smectic liquid crystals (PSSLCs), polymer-stabilized ferroelectric liquid crystals (PSFLCs), and polymer-stabilized antiferroelectric liquid crystals (PSAFLCs) in this review. Polymer stabilization has achieved multiple functionalities for LCs; in smart windows, a sufficiently strong electric field allows the LCs to reorient and enables switching from a scattering (transparent) state to a transparent (scattering) state. For broadband reflectors, the reflection bandwidth of LCs is manually tuned by electric fields, light, magnetic fields, or temperature. PSBPLCs open a new way for next-generation displays, spatial light modulators, sensors, lasers, lenses, and photonics applications. Polymer networks in PSFLCs or PSAFLCs enhance their grayscale memories utilized in flexible displays and energy-saving smart cards. At the end, the remaining challenges and research opportunities of PSLCs are discussed.