Paper is an important information carrier in the Chinese civilization, and paper deacidification in the liquid phase is the optimal way to deal with acidification and delay deterioration of paper. Actually, in order to achieve remarkable deacidification effects, it is necessary to prepare deacidification solutions with excellent performances for removing acid and retaining alkali as well as adopting appropriate techniques to maintain paper appearances. In view of this, a detailed investigation of major liquid-phase deacidification works both domestically and overseas over the past ten years is presented and discussed in this article. Based on this, influencing factors from five aspects—wettability, dispersibility, reinforcement, antimicrobial properties and anti-wrinkling technique—are sorted out, and then the corresponding countermeasures are also summarized, to provide some reference for the follow-up research.