High power impulse magnetron sputtering (HiPIMS) is well known in modern physical vapor deposition (PVD) owing to its high peak power density, high degree of ionization, high plasma density and hence high ion flux towards the substrate that allows ones to deposit high quality thin films in comparison with conventional magnetron sputtering technology. The present short review on HiPIMS intends to provide readers with a summary of the current status of this emerging PVD technique: the developmental history, the plasma characterization, and the applications in hardness and functional thin film fabrications. Several items on the distinctive feature of HiPIMS, including self-sputtering mechanism, low deposition rate, arcing phenomenon and key factors of deposition process are reviewed in detail. To limit the scope, the emphasis is put on thermo-chromic VO2 thin film deposited by HiPIMS. Based on this typical issue, some classical ideas and approaches on fabrication of the functional thin films through HiPIMS technique are demonstrated.