Advanced oxidation (e.g., fenton-like reagent oxidation and ozone oxidation) is a highly important technology that uses strong oxidizing free radicals to degrade organic pollutants and mineralize them. The fenton-like reactions have the characteristics of low cost, simple operation, thorough reaction and no secondary pollution. Fenton-like reagents refer to a strong oxidation system composed of transition metal ions (e.g., Fe3+, Mn2+ and Ag+) and oxidants (hydrogen peroxide, potassium persulfate, sodium persulfate, etc). Graphene and carbon nanotube possess a distinctive mechanical strength, flexibility, electrical and thermal conductivity and a very large specific surface area, which can work as an excellent carrier to disperse the catalyst and prevent its agglomeration. Fullerene can synergize with iron-based materials to promote the reaction of hydroxyl groups with organic pollutants and enhance the catalytic effect. Fenton-like catalysts influence the catalytic behavior by inducing electron transfer under strong interactions with the support. Due to the short lifespan of free radicals, the treatment effect is usually enhanced with the assistance of external conditions (ultraviolet and electric fields) to expand the application of fenton-like catalysts in water treatment. There are mainly light-fenton, electro-fenton and photoelectric-fenton methods. Fenton-like catalysts can be prepared by hydrothermal method, impregnation and coordination-precipitation approaches. The structures and properties of the catalysts are characterized by a variety of techniques, such as high-resolution transmission electron microscopy, high-angle annular dark-field scanning transmission electron microscopy and X-ray absorption near-edge structure spectroscopy. In this paper, we review the mechanisms, preparation methods, characterizations and applications status of fenton-like reagents in industrial wastewater treatment, and summarize the recycling of these catalysts and describe prospects for their future research directions.