Methods for the fabrication of thin films with well controlled structure and properties are of great importance for the development of functional devices for a large range of applications. SILAR, the acronym for Successive Ionic Layer Adsorption and Reaction, is an evolution and combination of two other deposition methods, the Atomic Layer Deposition and Chemical Bath Deposition. Due to a relative simplicity and low cost, this method has gained increasing interest in the scientific community. There are, however, several aspects related to the influence of the many parameters involved, which deserve further deepening. In this review article, the basis of the method, its application to the fabrication of thin films, the importance of experimental parameters, and some recent advances in the application of oxide films are reviewed. At first the fundamental theoretical bases and experimental concepts of SILAR are discussed. Then, the fabrication of chalcogenides and metal oxides is reviewed, with special emphasis to metal oxides, trying to extract general information on the effect of experimental parameters on structural, morphological and functional properties. Finally, recent advances in the application of oxide films prepared by SILAR are described, focusing on supercapacitors, transparent electrodes, solar cells, and photoelectrochemical devices.