The phosphate modified calcium aluminate cement (CAPC) is a new type of cementitious materials, the typical chemical reaction of which is that calcium aluminate cement reacts with water-soluble phosphate to generate insoluble phosphate with cementation properties. The major advances in CAPC since this concept was proposed about three decades ago are summarized in this paper, including the raw materials, setting and hardening mechanisms, fluidity of fresh paste, composition and structure of reaction products, mechanical properties and durability of hardened paste. Then the applications of CAPC as refractories, corrosion protective layer and binders for immobilization of radioactive wastes were introduced. Current problems and development directions in the research and applications of CAPC were finally discussed.