TiO2 semiconductor nanobelts have unique structural and functional properties, which lead to great potential in many fields, including photovoltaics, photocatalysis, energy storage, gas sensors, biosensors, and even biomaterials. A review of synthetic methods, properties, surface modification, and applications of TiO2 nanobelts is presented here. The structural features and basic properties of TiO2 nanobelts are systematically discussed, with the many applications of TiO2 nanobelts in the fields of photocatalysis, solar cells, gas sensors, biosensors, and lithium-ion batteries then introduced. Research efforts that aim to overcome the intrinsic drawbacks of TiO2 nanobelts are also highlighted. These efforts are focused on the rational design and modification of TiO2 nanobelts by doping with heteroatoms and/or forming surface heterostructures, to improve their desirable properties. Subsequently, the various types of surface heterostructures obtained by coupling TiO2 nanobelts with metal and metal oxide nanoparticles, chalcogenides, and conducting polymers are described. Further, the charge separation and electron transfer at the interfaces of these heterostructures are also discussed. These properties are related to improved sensitivity and selectivity for specific gases and biomolecules, as well as enhanced UV and visible light photocatalytic properties. The progress in developments of near-infrared-active photocatalysts based on TiO2 nanobelts is also highlighted. Finally, an outline of important directions of future research into the synthesis, modification, and applications of this unique material is given.