Ultrasound induced cavitation (acoustic cavitation) process is found useful in various applications. Scientists from various disciplines have been exploring the fundamental aspects of acoustic cavitation processes over several decades. It is well documented that extreme localised temperature and pressure conditions are generated when a cavitation bubble collapses. Several experimental techniques have also been developed to estimate cavitation bubble temperatures. Depending upon specific experimental conditions, light emission from cavitation bubbles is observed, referred to as sonoluminescence. Sonoluminescence studies have been used to develop a fundamental understanding of cavitation processes in single and multibubble systems. This minireview aims to provide some highlights on the development of basic understandings of acoustic cavitation processes using cavitation bubble temperature, sonoluminescence and interfacial chemistry over the past 2-3 decades.