Vasculogenesis and angiogenesis are two types of neovascularization in the embryo development. It has long been believed that postnatal neovasculogenesis is synonymous with angiogenesis. However, bone marrow derived endothelial progenitor cells have been isolated from peripheral circulation and shown to be incorporated into foci of physiological and pathological neovascularization, consistent with postnatal vasculogenesis in recent years. The finding has not only extended the field of stem cells research, but also offered new strategies for the treatment of ischemic vascular diseases and tumors. In this review, we summarized the origin, cell surface markers, biological characteristics, physiological and pathological significance and clinical application perspective of endothelial progenitor cells.