Accumulating evidence suggests that perceptual, emotional, and cognitive processes depend on ongoing neural oscillatory activities, which are easy to be entrained by rhythmic sensory stimuli, non-invasive transcranial electrical or magnetic stimulation, and invasive brain stimulation. Compared with other modulatory approaches, rhythmic sensory stimulation is economical and uncomplicated to implement, thus it has been considered a highly promising means of neuromodulation in recent years. To get a better understanding of this neuromodulatory approach, we present a systematic review of rhythmic auditory stimuli induced neural entrainment and its applications. Specifically, we discuss whether and how rhythmic auditory stimulation selectively modulates brain oscillations and its impact on human behaviors accordingly. Multiple lines of evidence have suggested that entrainment of neural oscillations to auditory stimulations could alter specific aspects of perception, emotion, and cognitive functions, depending on the frequency and types of stimulation applied. Moreover, we review the advantages of rhythmic auditory stimulation as a tool in clinical practice, such as motor rehabilitation, and highlight the possibility to use rhythmic auditory stimulation on modulating emotion and cognitive functions. Last, we discuss and summarize the physiological mechanisms and applicational prospects of rhythmic stimulation as a neuromodulatory technique. Based on the current state of knowledge, rhythmic auditory stimulation can be considered a simple and efficient way to enhance human brain functions.