The thermal lens formed in a thermo-optical material as a result of its inhomogeneous heating, is a well-known phenomenon that has found widespread interest in the last decades, especially in the field of laser engineering and photo-thermal spectroscopy. In recent years, growing interest in the application of thermal lensing in different fields of optics and material studies has been observed. This review summarizes the latest efforts made by the scientific community to develop ways of using the phenomenon of thermal lensing. Its applications in spectroscopy, in laser beam formation and in imaging are described. The advantages and disadvantages of the thermal lensing in regard to these areas along with the potential future applications of the phenomenon are discussed.