Van der Waals (vdW) heterostructures based on transition metal dichalcogenides (TMDs) generally possess a type-II band alignment that facilitates the formation of interlayer excitons between constituent monolayers. Manipulation of the interlayer excitons in TMD vdW heterostructures holds great promise for the development of excitonic integrated circuits that serve as the counterpart of electronic integrated circuits, which allows the photons and excitons to transform into each other and thus bridges optical communication and signal processing at the integrated circuit. As a consequence, numerous studies have been carried out to obtain deep insight into the physical properties of interlayer excitons, including revealing their ultrafast formation, long population recombination lifetimes, and intriguing spin-valley dynamics. These outstanding properties ensure interlayer excitons with good transport characteristics, and may pave the way for their potential applications in efficient excitonic devices based on TMD vdW heterostructures. At present, a systematic and comprehensive overview of interlayer exciton formation, relaxation, transport, and potential applications is still lacking. In this review, we give a comprehensive description and discussion of these frontier topics for interlayer excitons in TMD vdW heterostructures to provide valuable guidance for researchers in this field.