Two-dimensional (2D) semiconductors have attracted considerable attention for their potential in extending Moore's law and advancing next-generation electronic devices. Notably, the discovery and development of 2D ferromagnetic semiconductors (FMSs) open exciting opportunities in manipulating both charge and spin, enabling the exploration of exotic properties and the design of innovative spintronic devices. In this review, we aim to offer a comprehensive summary of emerging 2D FMSs, covering their atomic structures, physical properties, preparation methods, growth mechanisms, magnetism modulation techniques, and potential applications. We begin with a brief introduction of the atomic structures and magnetic properties of novel 2D FMSs. Next, we delve into the latest advancements in the exotic physical properties of 2D FMSs. Following that, we summarize the growth methods, associated growth mechanisms, magnetism modulation techniques and spintronic applications of 2D FMSs. Finally, we offer insights into the challenges and potential applications of 2D FMSs, which may inspire further research in developing high-density, non-volatile storage devices based on 2D FMSs.