So far there are a lot of works domestic and abroad about how the pulsed current affects the melts and solidification of alloys, although the results appear uncertain and not systematic due to their different experimental ways, process parameters and conditions. Hereby this paper reviews the world-wide application of the pulsed current on liquid metals, summarizes the effects of pulsed current on the alloys melts and the course of solidification, and analyses their mechanisms. According to our own experimental results, we dig out the existing problems, and point out that the pulsed current is an important external field controlling method with a great potential for manufacturing and casting light-weight and temperature resistant materials used in air and aerospace field.