Abstract: Transaction processing is important for ensuring consistency and reliability of information. In this paper, the originality and the development of this technology are traced back, its current research status is summarized, and then a flat transaction model and its related technologies are discussed. Since the flat transaction model is not suitable for complex and distributed applications, extended transaction models and transactional workflow came into being. These technologies are analyzed in detail. Then transaction processing in advanced database technologies is related. With the development of Web service based cross-organizational business process technology, transaction processing in open and loosely coupled Web environment becomes one of the focuses. So the latest related work is analyzed, and the discussion of future directions and challenges is presented.