With the continuous enhancement of the correlation of economic activities in various countries in the world, the impact of changes in a country’s monetary policy on the economic and social development of other countries has become more and more significant, and the coordination of monetary policies between countries has become more and more important. In this context, studies on the international spillover effects of monetary policy are increasingly abundant, and the international coordination of monetary policy is gradually attracting attention. This paper reviews and prospects the literature on international spillover effects and international coordination of monetary policy. From the perspective of the development process of international spillover effect research on monetary policy, before 1990, the relevant research was mainly based on macroeconomic models and game theory under open conditions for theoretical discussion. From 1990 to 2000, most of the research began to explore the transmission mechanism and channel of the international spillover effect of monetary policy with the help of dynamic stochastic general equilibrium models and economic econometric models. After 2000, more and more researches applied the theory to the explanation of real economic problems, especially focusing on the spillover effects of monetary policy in central countries. From the perspective of research methods on the international spillover effects of monetary policy, most of the relevant researches obtain exogenous monetary policy shocks by controlling the endogenous changes in monetary policy, and the mainstream research methods have gradually shifted from pure theoretical analysis based on MFD models to empirical analysis based on VAR series models and DSGE model analysis with a consistent framework. From the perspective of the transmission channels of the international spillover effect of monetary policy, most of the early literature believes that exchange rate and trade are the main channels. With the advancement of global economic and financial integration, the role of financial channels has become increasingly prominent, and financial channels not only have a faster transmission process but also have more serious consequences compared with exchange rates and trade channels, thus becoming the focus of research in recent years. Due to the difficulty of international coordination of monetary policy in practice and the small space for monetary policy adjustment under greater economic downward pressure, there are relatively few studies on the international coordination of monetary policy, and the views of related research are not unified. Most scholars believe that with the continuous enhancement of the trend of world economic linkage, the international coordination of monetary policy is an inevitable trend and is conducive to the economic development of countries around the world, while some scholars argue that the issue of international monetary policy coordination needs to be treated with caution because policy coordination requires time and political costs. The existing research has achieved fruitful results, but it still needs to be further deepened and expanded: first, most of the literature only examines the one-way spillover effect of the monetary policy of the central country on the peripheral countries (emerging economies), and it is necessary to further examine the two-way international spillover effect of monetary policy; second, the research on financial channels is not perfect enough, especially the research on the impact of monetary policy uncertainty and the transmission of global financial risks is less, and related research needs to be deepened; third, there are few studies on the international coordination of monetary policy and the views are not unified, especially the lack of systematic research on the effective path of policy coordination, and related research needs to be strengthened. Chinese scholars should strengthen their research in this field, especially to make breakthroughs in the international spillover effects of China’s monetary policy and its transmission channels, effective policy tools to deal with the spillover effects of foreign monetary policies, and the promotion of international coordination of monetary policies.