Abstract: The rapid progress of lab-grown diamond technology has greatly improved the size and quality of lab-grown diamonds, which broadened the application field of diamond and laid a solid foundation for the market promotion. In this paper, the process of lab-grown diamond technology at home and abroad is reviewed. The mechanism and characteristics of high pressure high temperature (HPHT) and chemical vapor deposition (CVD) process are introduced, as well as the performance of lab-grown diamonds at home and abroad. The technical problems need to be solved are analyzed and the development direction of diamond synthesis technology in laboratory is prospected. At the same time, the analysis and testing principles of optical properties, thermal properties and semiconductor properties of lab-grown diamonds and common testing equipments are introduced. Lastly, the application status and development prospect of lab-grown diamond products in jewelry, semiconductor, optical devices, acoustic devices, precision cutting and biomedical fields are expounded.