Abstract: Stereoscopic particle image velocimetry (SPIV) is a non-intrusive technique for measuring the instantaneous three-dimensional velocity vectors on planar domains of fluid flows. Compared with the classical PIV method, it is able to resolve the out-of-plane velocity component and avoid the influence of perspective errors on in-plane velocity components. This paper discusses the recent advances in developing and applying the SPIV method, focusing on stereoscopic configuration, imaging system calibration, methods for velocity reconstruction, and measurement errors induced by misalignment between calibration plane and laser sheet. And optimum performance of the state-of-the-art SPIV systems, together with factors influencing measurement accuracy and spatial resolution, is summarized. To illustrate the capability of SPIV in hydrodynamic research, we give two typical applications to the flows around complicated bodies and their turbulent coherent structures, and briefly discuss the SPIV methods for volumetric measurements.