Small satellite is a disruptive technology in space industries. Traditionally, space industries were dominated by satellites which have thousands of kilograms and are bulky and expensive. Small satellites denote a new generation of miniaturized satellites which, by taking advantages of modern technologies (e.g., integrated circuits, digital signal processing, MEMS, and additive manufacturing), can achieve a significant reduction in volume, mass, development time, and cost of satellites. During recent decades, small satellites, including CubeSats, NanoSats, MiniSats, and MicroSats, have undergone rapid developments, and are playing an increasingly larger role in exploration, technology demonstration, scientific research, and education. These miniature satellites provide a low-cost platform for missions, including planetary space exploration, Earth observations, fundamental Earth and space science, and developing precursor science instruments like laser communications and millimeter-wave communications for intersatellite and intrasatellite links, and autonomous movement capabilities. They also allow educators an inexpensive means to engage students in all phases of satellite development, operation, and exploitation through real-world, hands-on research and development experience on rideshare launch opportunities. A number of miniaturized satellites can form spaceborne wireless sensor networks in the space, which are also going to play an important role in Internet of Space (IoS) of the future.