The emerging applications enabled by disruptive technologies such as big data, artificial intelligence, and quantum information require unprecedented information processing capacities. Photonic integrated circuit (PIC) technology provides promising potential for realizing information processing devices and/or systems with higher speed, higher efficiency, and lower cost. In particular, the rapid development of PIC platforms based on lithium niobate on insulator (LNOI), a photonic material compatible with lithographic fabrication techniques, has significantly promoted device performance. Here we will introduce the latest breakthroughs in this area. Based on the technological advances, an industry chain built upon LNOI is beginning to take shape.