Crossmodal transfer is the ability to apply the knowledge acquired in one sensory modality to another. Researches on crossmodal transfer investigate how the brain represents information from different sensory modalities, and provide new insights to improve cognitive processing efficiency and reduce repeated learning. To clarify the characteristics and mechanism of crossmodal transfer, this article first introduced the crossmodal transfer effect in different field of research, such as object recognition, category learning, and time perception. After that, the theoretical researches on the representation type of crossmodal transfer were reviewed, mainly including multisensory theory and multisensory mental imagery theory as well as the supportive and opposite findings. The research progresses on the neural mechanism of crossmodal transfer using ERP and fMRI techniques were introduced, mainly including metamodal theory, and multisensory reverse hierarchy theory as well as the supportive and opposite findings. The objective and subjective factors which influenced crossmodal transfer effect were sorted out, in which we suggested that the modality dominance phenomenon supports the metamodal theory, while other factors such as sensory experience, age, setting of learning tasks and stimulus features support theories such as the multisensory hypothesis. Finally, we described the potential applications of the current research findings on crossmodal transfer and pointed out future research questions in this field.