Plasmonics has aroused tremendous interest in photophysics, nanophotonics, and metamaterials. The extreme field concentration of plasmonics offers the ultimate spatial and temporal light control, single-particle detection, and optical modulation. Plasmon decay of metal nanostructures into hot carriers extends the application into photocatalysis, photodetectors, photovoltaics, and ultrafast nanooptics. The generated hot electron–hole pairs are transferred into adjacent dielectrics, well known to be more efficient than the hot carrier generation in dielectrics by direct photoexcitations. However, plasmon-induced hot-carrier-based devices are far from practical applications due to the low quantum yield of hot carrier extraction. Emergent challenges include low hot carrier generation efficiency in metals, rapid energy loss of hot carriers, and severe charge recombination at the metal/dielectric interface. In this review, we provide a fundamental insight into the hot carrier generation, transport, injection, and diffusion into dielectrics based on the steady-state and time-resolved spectroscopic studies as well as theoretical calculations. Strategies to enhance hot carrier generation in metals and electron transfer into dielectrics are discussed in detail. Then, applications based on hot carrier transfer are introduced briefly. Finally, we provide our suggestions on future research endeavors. We believe this review will provide a valuable overall physical picture of plasmon-induced hot carrier applications for researchers.