Self-trapped excitons (STEs) have attracted tremendous attention due to their intriguing properties and potential optoelectronic applications. STEs are formed from the lattice distortion induced by the strong electron (exciton)-phonon coupling in soft semiconductors upon photoexcitation, which features in broadband photoluminescence (PL) emission spectra with a large Stokes shift. Recently, significant progress has been achieved in this field but many remain challenges that need to be solved, including the understanding of the underlying physical mechanism, tuning of the performance, and device applications. Along these lines, for the first time, systematic experimental characterizations and advanced theoretical calculations are presented in this review to shed light on the physical mechanism. The possibility of tuning the STEs through multiple degrees of freedom is also presented, along with an overview of the STE-based emerged applications and future research perspectives.