Human cerebral organoids (hCOs), generated in vitro from induced pluripotent stem cells (iPSCs) or human embryonic stem cells (hESCs), exhibit cellular compositions similar to those of specific human brain regions. These organoids simulate early stages of brain development and can serve as in vitro disease models, providing a unique platform for studying neurodevelopmental processes and investigating underlying disease mechanisms. This review systematically summarizes research progress on cellular characteristics and neural electrophysiology in hCO-based models of neurodevelopmental disorders, neurodegenerative diseases, psychiatric disorders, epilepsy, viral infections, and traumatic brain injuries. These studies have elucidated the mechanisms underlying neuroelectrophysiological dysfunction in related diseases and facilitated innovative therapeutic explorations. Current limitations include prolonged culture durations and high costs, insufficient standardization that compromises reproducibility, the absence of neurovascular units that restrict pathological fidelity, immature laminar architectures that hinder complex circuit modeling, and electrophysiological bottlenecks in network-level analysis. Future efforts should focus on optimizing hCO culture protocols, innovating electrophysiological detection technologies, and promoting their clinical translation.