Abstract: The midnight collapse is a typical structural variation in the nighttime evolution of ionospheric electron density, reflecting vertical ion transport and its dynamical modulation in the nighttime ionosphere. Since the phenomenon was first observed, extensive studies have been conducted by the international scientific community to investigate its morphological characteristics and underlying physical mechanisms, using a variety of approaches including ground-based radar observations, satellite measurements, and numerical model simulations. This paper systematically reviews several decades of research progress on the midnight collapse, with particular emphasis on its principal morphological features under different seasonal conditions and levels of geomagnetic activity. Focusing on the physical mechanisms, we highlight the dominant role of vertical ion drift in the formation and evolution of the midnight collapse and further analyze the key factors controlling variations in vertical ion drift. On this basis, future research directions for the midnight collapse and related nighttime ionospheric dynamical processes are discussed in light of recent observational and theoretical advances. This paper is dedicated to commemorating the 90th anniversary of the birth of Professor Xiao Zuo, an outstanding scientist in the field of ionospheric physics and space science in China, and aims to honor his pioneering contributions to the advancement of ionospheric and space science research through a comprehensive synthesis of this representative ionospheric phenomenon.