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This paper reported a review based study into the Indirect Evaporative Cooling (IEC) technology, which was undertaken from a variety of aspects including background, history, current status, concept, standardisation, system configuration, operational mode, research and industrialisation, market prospect and barriers, as well as the future focuses on RD good distribution of the water stream across the wet surface of the exchanger plate (tube) and adequate (matching up the evaporation) control of the water flow rate are critical to achieving the expected system performance. It was noticed that the IEC devices were always in combined operation with other cooling measures and the commonly available IEC related operational modes are (1) IEC/DEC system; (2) IEC/DEC/mechanical vapour compression system; (3) IEC/desiccant system; (4) IEC/chilled water system; and (5) IEC/heat pipe system. The future potential operational modes may also cover the IEC-inclusive fan coil units, air handle units, cooling towers, solar driven desiccant cycle, and Rankine cycle based power generation system etc. Future works on the IEC technology may focus on (1) heat exchanger structure and material; (2) water flowing, distribution and treatment; (3) incorporation of the IEC components into conventional air conditioning products to enable combined operation between the IEC and other cooling devices; (4) economic, environment and social impacts; (5) standardisation and legislation; (6) public awareness and other dissemination measures; and (7) manufacturing and commercialisation. All above addressed efforts may help increase the market ratio of the IEC to around 20% in the next 20 years, which will lead to significant saving of fossil fuel consumption and cut of carbon emission related to buildings.