The perturbative QCD (PQCD) approach based on $k_T$ factorization has made a great achievement for the QCD calculation of the hadronic B decays. Regulating the endpoint divergence by the transverse momentum of quarks in the propagators, one can do the perturbation calculation for kinds of diagrams including the annihilation type diagrams. In this paper, we review the current status of PQCD factorization calculation of two-body charmless $B\to PP, PV, VV$ decays up to the next-to-leading order (NLO) QCD corrections. two new power suppressed terms in decaying amplitudes are also taken into account. By using the universal input (non-perturbative) parameters, we collected the branching ratios and ${\bf CP}$ asymmetry parameters for all the charmless two body $B$ decays, calculated in the PQCD approach up to the NLO. The results are compared with the ones from QCD factorization approach, soft-collinear effective theory approach and the current experimental measurements. For most considered B meson decays, the PQCD results for branching ratios agree well with other approaches and the experimental data. The PQCD predictions for the ${\bf CP}$ asymmetry parameters for many of the decay channels do not agree with other approaches, but have a better agreement with the experimental data. The longstanding $K \pi $ puzzle about the pattern of the direct CP asymmetries of the penguin-dominated $B \to K \pi $ decays can be understood after the inclusion of the NLO contributions in PQCD. The NLO corrections and power suppressed terms play an important role in the color suppressed and pure annihilation type $B$ decay modes. These rare decays are more sensitive to different types of corrections, providing opportunity to examine the factorization approach with the more precise experimental measurements. Content from this work may be used under the terms of the Creative Commons Attribution 3.0 licence. Any further distribution of this work must maintain attribution to the author(s) and the title of the work, journal citation and DOI. Article funded by SCOAP3 and published under licence by Chinese Physical Society and the Institute of High Energy Physics of the Chinese Academy of Science and the Institute of Modern Physics of the Chinese Academy of Sciences and IOP Publishing Ltd