Abstract: We provide a simple review of literature on corporate credit rating based on the works we collected. The literature has covered rich topics of competition between rating agencies, conflict of interest in ratings, rating shopping, rating solicitation methods, split ratings, the relationship between rating and economic cycles, rating repayment methods, ratings of structured products, and the relationship between ratings and regulation. The research has contributed exploratory evidence of rating decisions and their effects on quality ratings, securities prices, and the real economy. They may have some instructive implications for designing relevant rating regulation, rating agency governance, financing, and investment decision in the context of the Chinese market.