Multimodal large language models (MLLMs) are making rapid strides in complex visual reasoning. This survey synthesizes the emerging paradigm of Image-Grounded Chain-of-Thought (IG-CoT), where models ground intermediate inferences by interleaving textual rationales with visual state updates. We formalize IG-CoT, present a method-centric taxonomy covering prompting, supervised fine-tuning, and reinforcement learning, and map these techniques to representative benchmarks. Our analysis identifies two domains where IG-CoT offers significant advantages: detail-oriented reasoning requiring meticulous perception, and imagined-world reasoning for simulating unseen states in games, geometry, and planning. We discuss the practical trade-offs of current methods regarding controllability, data, and compute. We conclude by highlighting key challenges (efficiency, data quality, and generative capabilities) and outlining promising future directions, including lightweight architectures, richer intermediate supervision, and method-aware evaluations that better assess faithfulness and long-horizon reasoning. We maintain a continuously updated paper list at https://github.com/dddraxxx/Awesome-Image-Grounded-CoT.

Foundation models learn highly transferable representations through large-scale pretraining on diverse data. An increasing body of research indicates that these representations exhibit a remarkable degree of similarity across architectures and modalities. In this survey, we investigate the representation potentials of foundation models, defined as the latent capacity of their learned representations to capture task-specific information within a single modality while also providing a transferable basis for alignment and unification across modalities. We begin by reviewing representative foundation models and the key metrics that make alignment measurable. We then synthesize empirical evidence of representation potentials from studies in vision, language, speech, multimodality, and neuroscience. The evidence suggests that foundation models often exhibit structural regularities and semantic consistencies in their representation spaces, positioning them as strong candidates for cross-modal transfer and alignment. We further analyze the key factors that foster representation potentials, discuss open questions, and highlight potential challenges.