This paper is devoted to the Karman vortex shedding flowmeter—its physical fundamentals, research, design, optimization and applications. The flowmeter is currently in a stage of rapid development. Many valuable discoveries concerning the applied Karman vortex street phenomenon have been made. In this paper, various aspects of the problems concerning the vortex meter are described. Fundamental problems and their solutions are presented based on a description of the principles of operation. The most important methods of investigating the phenomena that appear in the vortex meter are described: measured signal analysis, flow field investigations using a hot-wire anemometer, flow visualization supported by image processing and numerical modelling. The most powerful achievements in these fields are also described.