The aim of this paper is to present the historical development and theoretical foundations of sonoluminescence. Sonoluminescence, the transduction of sound into light, is a phenomenon that pushes fluid mechanics beyond its limit. In the general section, basic concepts related to sonoluminescence and its formation are explained. The characteristics of sound waves are stated as well as the working principle of ultrasound, whose application in liquid medium produces cavitation bubbles. Bubble formation, growth, and collapse, under the influence of ultrasound, is known as acoustic cavitation. Cavitation bubbles, due to the very high temperatures generated during the last stages of bubble collapse, emit light. The emission conditions and temperatures reached in the bubble are indicated. The review section contains a detailed historical overview and some of the many theories that attempt to explain light emission. Sonoluminescence was first observed by Frenzel and Schultes in 1934, and in 1990 Gaitan and Crum discovered sonoluminescence of a single bubble. There are two general categories of explanation for the origin of sonoluminescence: thermal and electrical. Thermal theory is currently dominant. Electrical theories of sonoluminescence were among the first to be developed, but have lost favor recently. The results illustrate sonoluminescence in different conditions. Examples of sonoluminescence in biology and applications in the present and future, including medical diagnostics and nuclear fusion, are discussed.