This paper reviews the research progress on the characteristics of hydrodynamic-induced cavitation bubble collapse from both experimental and numerical simulation perspectives. In terms of experimental approaches, the advantages and disadvantages of two main methods of hydrodynamically inducing bubbles, namely electric spark and laser, are compared and analyzed. The research progress on the physical characteristics of bubble collapse is elaborated from four aspects: free field, near-wall region, far-wall region, and the interaction between bubbles and particles. In terms of numerical simulation, the development of bubble numerical simulation methods is reviewed from macroscopic, mesoscopic, microscopic and multi-scale perspectives, with a focus on the interaction mechanisms between cavitation bubbles and walls, particles, and other bubbles during the collapse process. It is pointed out that future research on hydrodynamic-induced bubbles can be carried out in directions such as improving synchronous observation techniques, innovating pressure measurement technologies, and promoting deep integration with artificial intelligence and big data technologies.