With the development of the social economy and the improvement of electrification, cables and wires play an important role in people’s lives and industrial development. Meanwhile, the large-scale laying of cables has also made them a fire hazard that cannot be ignored in land construction such as residential buildings, utility tunnels, nuclear power plants, refineries, marine systems such as submarines and ships, and airborne systems such as spacecrafts and aircrafts. In this work, studies on fire the characteristics of cables and wires over the last decades have been reviewed. Based on different experimental forms and objects (laboratory wires and commercial cables), this paper summarizes the theories of the fire dynamics in wire combustion, including the models of ignition and flame propagation, the criteria for blowing off and quenching, and the critical conditions for dripping behavior. The effects of materials, layouts, and environments on wire combustion phenomena such as airflow, ambient pressure, oxygen, gravity, and orientation angle have been discussed in detail according to the theories of heat transfer and combustion. In addition, test standards and studies on the fire behavior and release of toxic gases of commercial cables have also been fully described. Through the summary of the above content, it is expected to build a preliminary theoretical framework and future research directions for researchers in the field of cable fires.