Terahertz time-domain spectroscopy is a powerful tool to study the ultrafast dynamics of charge carriers and the photoconductivity of materials. Recently, with the rapid development of materials science, terahertz time-domain spectroscopy technology has been widely used to study the ultrafast dynamics of particles and quasi-particles such as photo excited charge carriers, exciton and polaron in functional materials including two-dimensional layered materials, organic-inorganic perovskite materials, and low-dimensional carbon materials. In this view, we focus on the recent research progress of terahertz time-domain spectroscopy technology in the field of materials science in the past 5 years, and outlook on the potential application of terahertz time-domain spectroscopy technology in the field of materials science.