Since the West Pingdingshan Section in Chaohu was proposed as the candidate of the Global Stratotype Section and Point of the Induan-Olenekian boundary in 2003, the Lower Triassic of Chaohu has been extensively studied. Based on the studies on the Lower Triassic of Chaohu, (1) a continuous conodont zonation is established, which has become an important reference for Lower Triassic stratigraphic correlation over the world; (2) the First Appearance Datum of conodont Neospathodus waageni was suggested and has been basically accepted as the primary marker to define the Induan-Olenekian boundary; (3) a characteristic Lower Triassic excursion of carbon isotopes was brought to light and has been proven to be not only an excellent index for the stratigraphic correlation but also a unique indication for the perturbation of ecological environments in the aftermath of the end-Permian mass extinction; (4) a magnetostratigraphic sequence is constituted with a certain biostratigraphic control in the low-latitude region and it presents an important correlation to the Boreal sequence; (5) a cyclostratigraphic study provides an alternative method to constrain the age of the chronostratigraphic units; and (6) a scheme of the Olenekian subdivision is recently suggested to define the boundary between the Smithian and Spathian Substages. In addition, Chaohu is also the type locality of the Chaohuan Stage, the upper stage of the Lower Triassic in the China Chronostratigraphic System. Thus, the Lower Triassic of Chaohu is not only a classic sequence in South China, but also a key reference sequence to the investigation of the corresponding stratigraphy and geological events over the world. The recent achievements are viewed here for an overall understanding of the sequence. Then the current situation of the Induan-Olenekian and Smithian-Spathian boundaries is discussed to provide a reference for later works.