Rubber gaskets are commonly adopted as the waterproof component in shield tunnels for their outstanding sealing performance. The contact pressure between surfaces generated by the assembly stress ensures that the gaskets resist certain water pressure without leaking. However, with the continuous occurrence of leakage accidents, attention has been drawn to the topic of the waterproof performance of gasketed joint shield tunnels. In this article, prominent contributions to the waterproof performance of sealing gasket in shield tunnels are listed and sorted into four sections: (1) structural behavior of lining and joint; (2) material constitutive model and durability; (3) numerical simulation methods; (4) thermal-mechanical coupling analysis. First, examples of leakage are discussed and tests on gaskets are elucidated, which is followed by a summary of the progress on material mechanical properties and durability. Then, the development of the simulation methods is presented. Finally, the existing research on the thermal-mechanical coupling analysis is summarized. It is found that the contributions to gaskets’ waterproof performance are fruitful, however, with stringent construction conditions, such as the material constitutive model and aging mechanism under special conditions, such as high temperature, numerical simulation, and laboratory test methods, which need to be further explored.