This paper deals with recent progress in stabilized supercooled liquid and the resulting bulk glassy alloys and focusing on the following factors; alloy composition, forming ability, formation mechanism, computed glass-forming ability, computed glass formation range, atomic configuration, production techniques, mechanical properties, corrosion resistance, soft magnetic properties, micro-forming ability, applications, significance to science and engineering, and future trends for bulk glassy alloys including supercooled liquid. As demonstrated in this review, the high stability of metallic supercooled liquid has already opened up new fields of investigation in basic science and yielded new engineering applications. There is every reason to expect that their importance will continue to increase.