Microchannel cooling, with its high heat transfer efficiency, low thermal resistance, and light weight advantages, is one of the most effective technologies for solving the problem of heat dissipation with high heat flux; however, it faces the issue of increased pressure drop. The microchannel structure determines the thermal-hydraulic performance. This study describes the research progress on single-phase liquid-cooled microchannel heat sinks in terms of domestic and international structural design to address this problem. Among them, single-phase heat dissipation structures are divided into variable cross-sectionals, flow disruption, pin-fin, double-layered, bionic, and hybrid-reinforced structures. The advantages and disadvantages of the heat transfer coefficient, pressure drop, comprehensive performance, and temperature uniformity were analyzed based on the principle of enhancing heat transfer in various structures. A cost analysis of the commonly used matrix materials and processing methods for microchannel heat sinks was conducted. Finally, we provided the prospect and development direction of microchannel heat sinks from an application perspective. The application of composite structures, integration of simulation and experimentation, advances in material science and processing technology, and the nexus of disciplines are noted as the focus of future structural research.