As the first known metal-insulator transition, Verwey transition of Fe₃O₄ attracts much attention due to its fascinating physics. With the decreasing temperature across Verwey temperature, Fe₃O₄ undergoes the transition of lattice distortion, charge ordering, electricity, magnetic anisotropy, etc, but the magnetic ground state keeps the ferrimagnetism. The comprehension of the underlying physics in Verwey transition facilitates the understanding of metal–insulator transition in other strongly-correlated systems. Nevertheless, the mechanism of Verwey transition is still debated after the first glimpse of Verwey transition. In this paper, we summarize the research history and current status of Verwey transition in Fe₃O₄. The investigations of lattice structure, charge ordering, electronic transport, magnetic and ferroelectric properties of Fe₃O₄ across Verwey transition are reviewed. Finally, the summary and outlook are given.