Field-effect transistors are the fundamental building blocks for electronic circuits and processors. Compared with inorganic transistors, organic field-effect transistors (OFETs), featuring low cost, low weight, and easy fabrication, are attractive for large-area flexible electronic devices. At present, OFETs with planar structures are widely investigated device structures in organic electronics and optoelectronics; however, they face enormous challenges in realizing large current density, fast operation speed, and outstanding mechanical flexibility for advancing their potential commercialized applications. In this context, vertical organic field-effect transistors (VOFETs), composed of vertically stacked source/drain electrodes, could provide an effective approach for solving these questions due to their inherent small channel length and unique working principles. Since the first report of VOFETs in 2004, impressive progress has been witnessed in this field with the improvement of device performance. The aim of this review is to give a systematical summary of VOFETs with a special focus on device structure optimization for improved performance and potential applications demonstrated by VOFETs. An overview of the development of VOFETs along with current challenges and perspectives is also discussed. It is hoped that this review is timely and valuable for the next step in the rapid development of VOFETs and their related research fields.