Recently, polymer-metal composite (IPMC)-based ionic artificial muscle has been drawing a huge attention for its excellent soft actuator performance having outstanding soft actuator performance with efficient conversion of electrical energy to mechanical energy under low working voltage. In addition, light, flexible and soft nature of IPMC and high bending strain response enabled development of versatile sensor application in association with soft actuator. In this paper, current issues of IPMC were discussed including standardizing preparation steps, relaxation under DC bias, inhibiting solvent evaporation, and improving poor output force. Solutions for these drawbacks of IPMC have recently been suggested in recent studies. After following explanation of the IPMC working mechanism, we investigate the main factors that affect the operating performance of the IPMC. Then, we reviewed the optimized IPMC actuator fabrication conditions especially for the preparation process, additive selection for a thicker membrane, water content, solvent substitutes, encapsulation, etc. Lastly, we considered the pros and cons of IPMCs for sensor application in a theoretical and experimental point of view. The strategies discussed in this paper to overcome such deficiencies of IPMCs are highly expected to provide a scope for IPMC utilization in soft robotics application.