This study is an effort to encapsulate the fundamentals and major findings in the area of fluid-solid interaction, particularly the flow-induced vibrations (FIV). Periodic flow separation and vortex shedding stretching downstream induce dynamic fluid forces on the bluff body and results in oscillatory motion of the body. The motion is generally referred to as flow-induced vibrations. FIV is a dynamic phenomenon as the motion, or the vibration of the body is subjected to the continuously changing fluid forces. Sometimes FIV is modeled as forced vibrations to mimic the vibration response due to the fluid forces. FIV is a deep concern of engineers for the design of modern heat exchangers, particularly the shell-and-tube type, as it is the major cause for the tube failures. Effect of important parameters such as Reynolds number, spacing ratio, damping coefficient, mass ratio and reduced velocity on the vibration characteristics (such as Strouhal number, vortex shedding, vibration frequency and amplitude, etc.) is summarized. Flow over a bluff body with wakes developed has been studied widely in the past decades. Several review articles are available in the literature on the area of vortex shedding and FIV. None of them, however, discusses the cases of FIV with heat transfer. In particular systems, FIV is often coupled to heat transfer, e.g., in nuclear power plants, FIV causes wear and tear to heat exchangers, which can eventually lead to catastrophic failure. As the circular shape is the most common shape for tubes and pipes encountered in practice, this review will only focus on the FIV of circular cylinders. In this attempt, FIV of single and multiple cylinders in staggered arrangement, including tandem and side-by-side arrangement is summarized for heated and unheated cylinder(s) in the one- and two-degree of freedom. The review also synthesizes the effect of fouling on heat transfer and flow characteristics. Finally, research prospects for heated circular cylinders are also stated.