Organoids are stem cell-derived in vitro culture systems that reproduce the tissue, function, and genetic characteristics of organs in vivo. Due to its similarity to the capabilities of physiological tissues, it may become an excellent model for medical research in the future. Organoid is a breakthrough in the field of medical research and has been used as an important tool for basic research and clinical application in many fields. In this review, we review the culture principles of organoids, including organoid self-assembly and culture environment, growth factors, small molecule drugs, growth matrices, and molecular markers of organoids. It then discusses current organoid applications including tumor models, gene mutations, precision medicine, and the developing organoid biobank. Finally, the perspective of the organoid field is envisaged.