The significant advance on crop breeding largely relies on exploration and utilization of excellent germplasm resources. Sugarcane (Saccharum spp.) is the major sugar crop in the world, but for a long time limited progress in sugarcane breeding has been made. Saccharum Spontaneum L. is a wild species in Saccharum L, and this species as the most successful example has been used in sugarcane breeding. Optimal use of this wild species Saccharum Spontaneum L. in sugarcane breeding is of interest to overcome this limitation. In this review, we summarized the progress on the genetic diversity analysis and innovative utilization of Saccharum Spontaneum L, analyzed the limitations restricting its innovative utilization, and ultimately raised prospective for future innovation and utilization in sugarcane breeding.