Abstract: The synthesis process of peracetic acid and its industrial application in environment, energy engineering, polymer/resin industry and biomimetic chemistry are introduced. The drawbacks of the synthesis process are analyzed and the suggestion for improvement on the peracetic acid synthesis is also presented. The important roles of peracetic acid are more illustrated in various special oxidations in various industrial fields and synthesis chemistry apart from the biocidal activity and disinfecting action of peractic acid. It is proposed that more attentions should be paid to the development of the synthesis process of peracetic acid, especially the process by the one-step liquid phase oxidation of acetaldehyde, and the research on peracetic acid application in various industrial fields should be strengthened to promote the development of related industries.