Probable maximum precipitation (PMP) has been used to calculate the probable maximum flood (PMF) in design of important water conservancy and hydropower project, nuclear power project and unban flood prevention planning. A review of PMP estimation methods of statistical method, in-situ storm maximization, storm transposition and generalized method, storm model, numerical modeling, multifractals method, etc. are systematically stated. The frontier and hot issues of PMP estimation are briefly addressed in five topics, including the storm transposition in mountainous areas, short duration PMP estimation, uncertainties associated with PMP estimation, the impact of climate change on PMP and the probability of PMP. The research emphasis and directions of PMP estimation are discussed as well.