Two-dimensional (2D) arsenic–phosphorus (AsP), as a derivative of black phosphorus (BP), has achieved great progress in regards to preparation methods, property modulation, and front application, which can be attributed to the following two points. The first is that a method has been developed of alloying BP with the congener element arsenic to produce high-quality AsP; the second is that stable AsP possesses unique electronic and optical properties. To conclude the continuous and extensive research, this review focuses on synthesis details, modulation strategies, and application advances of stable AsP. Firstly, several pathways to prepare AsP with different phases are listed. Secondly, multiple solutions to optimize the electronic properties of AsP are discussed, such as strain regulation and composition tuning, and especially composition tuning of AsP including element modification, atomic substitution, and dopant participation, which can bring about adjustments of the lattice structure, bandgaps, and electronic properties. Based on the regulated AsP, applications in infrared photodetectors, high-performance transistors, and efficient-energy storage devices and so on have been widely developed. Although there are challenges ahead, this review may bring new insights into and inspirations for further development of 2D AsP-based materials and devices.