This article provides a detailed review on the generalized dynamics of soft-matter quasicrystals developed recent years. Comparing to solid quasicrystals consisted mainly with metallic alloys, soft-matter quasicrystals have been observed in liquid crystals, polymers, colloids, nanoparticles and surfactants, which indicates quite different formation mechanism. Based onLandau-Anderson theory and group representation theory, we have studied the symmetry, symmetry breaking and elementary excitations for the observed and possible soft-matter quasicrystals. We further proposed one more elementary excitation -fluid phonon additional to the phonon and phason for solid quasicrystals, to quantitatively describe the dynamics of soft-matter quasicrystals. The general governing equations and the solutions of the dynamics evolution on the distribution, deformation and motion of the new phase are studied, which reveal quite distinguishing dynamic behaviour with those of conventional fluids and solid quasicrystals. Someapplications are introduced, which show this is an important field of new materials and materials science. 9