Waterproof breathable membranes (WBMs) characterized by a specific internal structure, allowing air and water vapor to be transferred from one side to the other while preventing liquid water penetration, have attracted much attention from researchers. WBMs combine lamination and other technologies with textile materials to form waterproof breathable fabrics, which play a key role in outdoor sports clothing, medical clothing, military clothing, etc. Herein, a systematic overview of the recent progress of WBMs is provided, including the principles of waterproofness and breathability, common preparation methods and the applications of WBMs. Discussion starts with the waterproof and breathable mechanisms of two different membranes: hydrophilic non-porous membranes and hydrophobic microporous membranes. Then evaluation criteria and common preparation methods for WBMs are presented. In addition, treatment processes that promote water vapor transmission and prominent applications in the textile field are comprehensively analyzed. Finally, the challenges and future perspectives of WBMs are also explored.