The integration and miniaturization of semiconductor devices have led to a significant increase in heat dissipation issues. The continuous accumulation of heat threatens the performance, stability and lifespan of electronics, making it imperative to enhance the heat dissipation capability of electronic devices to ensure their stable operation. In recent years, diamond has emerged as a highly efficient heat dissipation substrate with numerous unparalleled advantages. This paper provides a comprehensive review of the latest research on diamond as a heat sink for high-power semiconductor devices and briefly discusses the methods of connecting diamond to semiconductor devices. Additionally, the current technical challenges and promising development direction for diamond-based semiconductor devices are discussed.