All optical fields undergo random fluctuation and the underlying theory referred to as coherence and polarization of optical fields has played a fundamental role as an important manifestation of the random fluctuations of the electric fields. In this paper, we reviewed our recent theoretical and experimental work on the unified theory of polarization and coherence including coherence tensor wave, degree of coherence tensor, degree of generalized Stokes parameters, and their applications including coherence tensor holography and two-point resolution of polarimetric imaging.