Because of its magnificent mechanical and chemical effects, acoustic cavitation plays an important role in a broad range of biomedical, chemical and mechanical engineering problems. Particularly, irradiation of the multiple frequency acoustic wave could enhance the effects of cavitation. The advantages of employment of multi-frequency ultrasonic field include decreasing the cavitation thresholds, promoting cavitation nuclei generation, increasing the mass transfer and improving energy efficiency. Therefore, multi-frequency ultrasonic systems are employed in a variety of applications, e.g., to enhance the intensity of sonoluminenscence, to increase efficiency of sonochemical reaction, to improve the accuracy of ultrasound imaging and the efficiency of tissue ablation. Compared to single-frequency systems, a lot of new features of bubble dynamics exist in multi-frequency systems, such as special properties of oscillating bubbles, unique resonances in the bubble response curves, and unusual chaotic behaviours. In present paper, the underlying mechanisms of the cavitation effects under multi-frequency acoustical excitation are also briefly introduced.