Abstract: Expanding from the shallow water to the deep water is a new trend in the development of marine science in the new era. Especially in recent years, with the development of deep water acoustic experimental instrument and technology, a large amount of deep water experimental data has been obtained, which has promoted a series of research progress in the basic theory of deep-water acoustics and laid the foundation for the design and development of underwater acoustic equipment. Based on the domestic and international academic achievements, including the aspects of acoustic model and characteristic law, the research progress of sound propagation, ambient noise, and reverberation in deep water are summarized. The popular source localization methods in deep water are outlined. Finally, the future development trend of deep-water acoustics and source localization research are discussed.