The transition metal trichalcogenides (TMTCs) are quasi-one-dimensional (1D) MX3-type van der Waals layered semiconductors, where M is a transition metal element of groups IV and V, and X indicates chalcogen element. Due to the unique quasi-1D crystalline structures, they possess several novel electrical properties such as variable bandgaps, charge density waves, and superconductivity, and highly anisotropic optical, thermoelectric, and magnetic properties. The study of TMTCs plays an essential role in the 1D quantum materials field, enabling new opportunities in the material research dimension. Currently, tremendous progress in both materials and solid-state devices has been made, demonstrating promising applications in the realization of nanoelectronic devices. This review provides a comprehensive overview to survey the state of the art in materials, devices, and applications based on TMTCs. Firstly, the symbolic structure, current primary synthesis methods, and physical properties of TMTCs have been discussed. Secondly, examples of TMTC applications in various fields are presented, such as photodetectors, energy storage devices, catalysts, and sensors. Finally, we give an overview of the opportunities and future perspectives for the research of TMTCs, as well as the challenges in both basic research and practical applications.