We present a comprehensive review of the theoretical and experimental progress in the investigation of novel high-Temperature quantum chromodynamics phenomena in small systems at both the Relativistic Heavy Ion Collider and the Large Hadron Collider. We highlight the challenges and opportunities associated with studying small systems, by which we generally mean collision systems that involve at least one light ion or even a photon projectile. We discuss perspectives on possible future research directions to better understand the underlying physics at work in the collisions of small systems.