Time-of-use electricity price (TOU), as a price-based demand response method, guides users to decrease peak electricity use and increase off-peak electricity use through TOU tarriffs, effectively suppressing load fluctuations and improving social benefits. Therefore, TOU is widely promoted. This paper summarizes TOU research and practice carried out at home and abroad, analyzes the method of TOU price setting and time division in the context of demand side response, focuses on the TOU price decision model based on electricity cost and load response, and analyzes user response behavior analysis methods. The implementation methods and scope of TOU at home and abroad are summarized, and the costs and benefits of implementing TOU are analyzed. Finally, the shortcomings of the TOU system are discussed and suggestions and ideas for developing TOU are put forward. This work is supported by the Key Program of National Natural Science Foundation of China (No. 51937005) and the General Program of Guangdong Natural Science Foundation (No. 2019A1515010689).