The article revealed fundamental rules of elementary polymers which can be used to produce radiation crosslinked heat shrinkable materials, such as LDPE, EVA, EEA, EPDM, and polymer blends like LDPE/EVA, LDPE/EPDM, and EVA/PDMVS, etc. Radiation crosslinking of blends of heterogeneous system with additives is discussed. Changes in basic structures and main properties of the polymeric materials after crosslinking, and recent progresses in studies on the radiation crosslinked polymers, are discussed, too Applications of radiation crosslinked heat shrinkable material, along with the future development, are summarized.