Submillisecond response times and low operation voltage are critical to next generation liquid crystal display and photonic devices. In this paper, we review the recent progress of three fastresponse short-pitch cholesteric liquid crystal modes: blue phase (BP), uniform standing helix (USH), and uniform lying helix (ULH). This review starts with a brief introduction of device structures and working principles, and then highlights two competing electro-optical effects: dielectric effect and flexoelectric effect. Next, we compare their electro-optical behaviors, response time, temperature dependence, and contrast ratio. Based on our established simulation model, we are able to optimize the phase compensation scheme for improving the viewing angle and gamma shift of USH and ULH modes. Finally, we analyze some major challenges, which remain to be overcome before the widespread applications of these liquid crystal devices can be realized.