Yb:CaGdAlO4, or Yb:CALGO, a new laser crystal, has been attracting increasing attention recently in a myriad of laser technologies. This crystal features salient thermal, spectroscopic and mechanical properties, which enable highly efficient and safe generation of continuous-wave radiations and ultrafast pulses with ever short durations. More specifically, its remarkable thermal-optic property and its high conversion efficiency allow high-power operation. Its high nonlinear coefficient facilitates study of optimized mode locking lasers. Besides, its ultrabroad and flat-top emission band benefits the generation of complex structured light with outstanding tunability. In this paper, we review the recent advances in the study of Yb:CALGO, covering its physical properties as well as its growing applications in various fields and prospect for future development.