Virtual reality (VR) is an important technology widely applied in interactive film and video games. Due to its immersive sense, interactivity and conception, virtual
reality has changed the industry of interactive film and video game, and significantly improves the user experience. This paper briefly summarizes the state-of-the-art applications in film and video games industry including short films, documentaries, promos, games, educational applications, medicine, psychological interaction, etc. According to interaction level, applications of VR can divided into panoramic interactions, plot interactions, and complete interaction. The bottlenecks of VR interactive contents and the problems of current VR technology including the bottlenecks of VR films, the problems of current VR games and VR devices and analyzed. Finally, prospects of possible developments of VR in the future are given.