Abstract: Terahertz modulation technology, by virtue of its unique functional characteristics, has shown great potential and value for applications in various fields such as security detection, medical imaging and next-generation 6G communications. Its core lies in the accurate modulation of key parameters such as amplitude, phase, polarization and other key parameters of terahertz waves and the assignment of waveforms according to the target domains to meet diversified application requirements. In this paper, the latest research progress of terahertz modulation technology based on artificial electromagnetic microstructures is comprehensively reviewed, the modulation mechanism is deeply analyzed, and the key design strategies and methods are elucidated. In particular, it focuses on the latest research results and breakthroughs in modulation depth, response speed and stability of terahertz modulation devices combining micromachining process and THz functional materials（such as phase change materials, graphene, chalcogenides, liquid crystals, etc.）, which will provide certain technical support for the terahertz modulation technology to be applied in practice. Finally, the main challenges and limitations of microstructured terahertz modulation devices are objectively analyzed, and based on the current research trends, the future development direction of terahertz modulation technology is outlooked, aiming to provide a directional reference for future research and practice.