Cereals are enriched with many nutrients that are good for human health. Cereal meal replacement powder interventions can reduce weight, improve blood lipids, regulate postprandial glucose, adjuvant treatment and prevention of diabetes, and have a wide range of applications and development prospects. In this review, the processing materials, efficacy, formulation optimization methods, digestive properties, processing techniques, and related implementation standards for meal replacements are summarized, and the development of meal replacements is prospected.