Measuring innovation activities and processes of a country or a region accurately is critical to the science, technology and innovation (STI) policies making. With the disruptive development of STI, the measurement of innovation is undergoing profound changes. Therefore, it is of great significance to analyze the research progress and trend of innovation measurement. Firstly, we review and summarize the meaning of innovation, and analyze the theoretical basis and main models of innovation measurement, including innovation linear model, innovation feedback model and innovation system model. Then the main innovation measurement methods such as innovation survey and statistics, national innovation system and innovation capability measurement are analyzed. At last, the challenges and development trends of innovation measurement are discussed from the nature of innovation, the scope of innovation subjects, and the quality of innovation measurement data in the context of scientific and technological changes, digitization and globalization.