The paper hackles research literature of foreign housing priceincome ratio systematically from these angles of origin, measurement and application. This review shows that housing priceincome ratio evolves out of and is better than housing expenditureincome ratio; the diversity of measurement of housing priceincome ratio depends on the diversity of measurement methods of housing price and income, and equilibrium models of housing priceincome ratio; housing priceincome ratio is mainly applied to the research of housing affordability and real estate bubble. Standardization of calculation, integration of equilibrium models and multiangle of empirical study would be the directions of further housing priceincome ratio research.