Program spectrum based dynamic fault localization is an active research topic in the domain of software automatic debugging. It aims to localize pontential faults in a faulty program based on a specific model which is constructed on execution behaviors and results of test cases. This survey offers a systematic overview of existing research achievements of the domestic and foreign researchers in recent years. First, some preliminary knowledge and basic assumptions are presented. Next, a research framework is proposed and important influencing factors which can affect the effectiveness of fault localization are identified. These factors include program spectrum construction, test suite maintenance and composition, number of faults, test case oracle, user feedback, and fault removal cost. In addition, the evaluation metrics and subject objects used in previous empirical studies are analyzed. Furthermore, classical applications of fault localization in some specific application domains are summarized. Finally a perspective of the future work in this research area is discussed.