Insight, a type of creative cognition in psychology, is pervasive in almost all kinds of domains ranging from technical innovations, artistic creations to scientific discoveries, which is a special way approaching a problem solution through a sequential reasoning by applying previous concepts or methods. In daily life, most people might have a peculiar and unexpected experience when the solution to a problem they struggled with was suddenly achieved. This phenomenological experience has been defined as insight experience and considered as definitive of an insightful solution or as the clearest defining characteristic of insight problem solving. As the best availably behavioral indicator of insight, insight experience has been widely used as a subjective criterion for distinguishing insightful from non-insightful solutions. A variety of examples concerning insight experience were documented in anecdotes of scientists and inventors, little is known about the processing properties, conceptual structure, and functional mechanisms of such experience itself. This work mainly focused on the above issues and attempted to categorize insight experience into two classes, one is the experience accompanying the occurrence of insight solutions or the so-called aha experience, and the other is the impasse-related subjective experience before successful restructuring during insight problem solving. Through the present review, we could find that the insight experience is both cognitive and emotional in processing characteristics, which has been widely validated by the emotion-like effect of such experience on subsequent cognitive task such as long-term memory and supported by the impasse-related facilitation on its following memory performance that is highly similar as the effect of deep-processing observed in previous literatures. Moreover, this work showed that the two-staged insight experience is not the one-dimensional construct but the multidimensional construct encompassed by more than two cognitive and emotional elements in meso-structure, such as happiness, exciting, surprise, easiness and certainty for the solution-related insight experience, and frustration, depression and disfluency for the impasse-related insight experience. In terms of psychological and neural mechanisms underlying the two-staged insight experience, evidence indicated that such experience could partly be explained by processing fluency and relates with neural circuits that are individually responsible for processing reward and emotion, such as the emotion-related amygdala or insula, and reward-related orbitofrontal cortex or striatum. This work has systematically reviewed empirical studies on insight experience and originally proposed the two-staged view of this experience. Future researches should further examine insight experience using more complementary methods from the perspective of “the transition from the old to the new”.