Compared with conventional secondary batteries (i.e. lead acid, Li-ion etc.), regenerative fuel cells (RFC) have advantages in long-term energy storage, energy density, durability and environmental protection. Regenerative fuel cells can be not only applied to space and military uses but also used in on-site energy storage systems. The fundamental, classification and application of regenerative fuel cells are summarized. Preparation methods of bifunctional electrodes and bifunctional electrocatalysts of RFC and re search progress in water heat management of RFC are described in detail. Shortcomings and foreground of regenerative hydrogen/oxygen fuel cells are analyzed.