Titanium and titanium alloys are the most commonly used implant materials, but they are biologically inert. These materials lack rapid osseointegration and resistance to bacterial infections, problems that remain unsolved. The preparation of titanium dioxide coatings by microarc oxidation improves both the biocompatibility of titanium-based materials and their resistance to corrosion during long-term presence in the body. This paper discusses and summarizes the mechanisms of microarc oxidation and some classical models that need to be developed to provide a better understanding and guidance for future research. Subsequently, the effects of electrolyte type, additives, and surface modification of the microarc oxidized coating on the coating morphology were analyzed in detail. In addition, biological applications of microarc oxidation coatings are analyzed, including antimicrobial properties, osseointegration, hydrophilicity, corrosion resistance, and wear resistance.