Abstract: Driven by the burgeoning demand for ultra-thin, high-strength, and difficult-to-deform metal materials in high-end manufacturing sectors such as aerospace, new energy, and electronic information, multi-high mills have garnered increasing attention due to their unique advantages. This paper systematically reviews the historical evolution, fundamental principles, and current research status of multi-high mills. It specifically analyzes the characteristics and distinctions between the two mainstream configurations of the 18-high mill and 20-high mill in terms of roll system structure, adjustment mechanisms, and engineering applications. Furthermore, this study summarizes the latest research advancements concerning high-precision physical modeling, the mechanisms and control strategies for strip shape and rolling instability, and intelligent prediction and control models. This work aims to enhance the understanding of multi-high mills and serve as a valuable reference for future research and engineering applications.