Bismuth-based liquid metals (LMs) are a large group of alloys with melting points slightly above room temperature. They are associated with fewer encapsulation constraints than room temperature LMs such as mercury, sodium-potassium alloys, and gallium-based alloys and are more likely to remain stable in the natural environment. In addition, their low melting point properties enable them to soften and melt via easy control. Bismuth-based alloys can also be modified with metal-based, carbon-based, and ceramic-based micro/nano particles as well as polymeric materials to create a series of novel composites owing to their outstanding functions. Based on these considerations, this review provides a comprehensive overview of bismuth-based LMs. The categories of bismuth and bismuth-based LMs are first briefly introduced to better systematize the physical and chemical properties of bismuth-based LMs. Based on these properties, bismuth-based LMs have been prepared using various methods, and this review briefly categorizes these preparation methods based on their finished forms (lumps, powders, and films). In addition, this review details the research progress of bismuth-based LMs in the fields of printed electronics, 3D printing, thermal management, biomedicine, chemical engineering, and deformable robotics. Finally, the challenges and future opportunities of bismuth-based LMs in the development process are discussed and visualized from different perspectives.