The direct contact evaporation heat transfer of two immiscible fluids can realize low‐temperature differential heat transfer, which is an important method to improve the heat transfer coefficient. This article focuses on the dispersed phase of organic working fluids and the continuous phase of immiscible inorganic fluids and summarizes the research on direct contact evaporation heat transfer in the past 15 years. The main research methods include theoretical analysis, numerical models, and experimental research. The evaporation process of a single droplet mainly involves bubble droplet growth, droplet configuration and discriminant, droplet shape change, rising speed and path, etc. In practice, dispersed phases mostly exist in populations, and the research mainly focuses on collisions, coalescence, and rupture between droplets and bubbles, as well as on the number and size distribution. The volumetric heat transfer coefficient is used to reflect the heat transfer capacity of the heat exchanger. The factors affecting evaporation heat transfer performance are complex, and increasing the uniform mixing of bubbles is an important method to improve the heat transfer coefficient. In the future, direct contact evaporation heat transfer is expected to be promoted to multiple fields.