Compared with the quantum gate circuit model, the measurement-based quantum computing model provides an alternative way to realize universal quantum computation, and relevant contents have been greatly enriched after nearly two decades of research and exploration. In this article, we review the research history and status of the measurement-based quantum computing model. First, we briefly introduce the basic theories of this model, including the concept and working principles of quantum graph states as resource states, the model’s computational universality and classical simulation methods, and relevant applications in the field of quantum information processing such as designing quantum algorithms and fault-tolerant error correction schemes. Then, from the perspective of quantum physical properties, which include the specific roles of quantum entanglement, contextuality, quantum correlations, symmetry-protected topological order, and quantum phases of matter as computing resources, the close relationship between measurement-based quantum computing model and quantum many-body system is presented. For example, a type of measurement-based computing model for exploiting quantum correlations can show a quantum advantage over the classical local hidden variable models, or certain symmetry-protected topological order states enable the universal quantum computation to be conducted by using only the measurements of single-qubit Pauli operators. Next, a variety of different technical routes and experimental progress of realizing the measurement-based quantum computing model are summarized, such as photonic systems, ion traps, superconducting circuits, etc. These achievements in various physical areas lay the foundation for future scalable and fault-tolerant quantum computers. Finally, we discuss and prospect the future research directions in this field thereby inspiring readers to further study and explore the relevant subjects.