The increasing penetration rate of electric vehicles has significantly enhanced the coupling degree between urban transportation networks and distribution networks, thereby promoting the coordinated development of the power-transportation coupling system, which will be conducive to improving overall social benefits and promoting win-win situations for all parties. The coordinated optimization operation of the power-transportation coupling system has gradually received widespread attention and the research enthusiasm has been increasing year by year. Focusing on four key scientific questions in this field at both the model and application levels—how to extend the basic model to meet diverse modeling needs, how to achieve efficient solution for coordinated operation models, how to facilitate a win-win collaboration among multiple entities in the power-transport system, and how to regulate and control flexibility resources in the power-transport system, this paper reviews and evaluates the existing research from four perspectives: model construction, model solving, multi-entity coordinated modes, and regulation and control methods. Prospects for further work to be carried out from four aspects: model refinement, solution lightweighting, scene diversification, and collaborative feasibility.