Vegetation is a key element in the energy, water and carbon balances over the land surfaces and is strongly impacted by climate change and anthropogenic effects. Remotely sensed observations are commonly used for the monitoring of vegetation dynamics and its temporal changes from regional to global scales. Among the different indices derived from Earth observation satellites to study the vegetation, the vegetation optical depth (VOD), which is related to the intensity of extinction effects within the vegetation canopy layer in the microwave domain and which can be derived from both passive and active microwave observations, is increasingly used for monitoring a wide range of ecological vegetation variables. Based on different frequency bands used to derive VOD, from L- to Ka-bands, these variables include, among others, the vegetation water content/status and the above ground biomass. In this review, the theoretical bases of VOD estimates for both the passive and active microwave domains are presented and the global long-term VOD products computed from various groups in the world are described. Then, major findings obtained using VOD are reviewed and the perspectives offered by methodological improvements and by new sensors onboard satellite missions recently launched or to be launched in a close future are presented.