For the purpose of satisfying high demands for taste, color, flavor, and storage of meat products, water retention agents (WRAs) play an important role. Phosphate has been widely used as an attractive functional material for water retention in current practical applications. However, excessive phosphate addition and long-term consumption may be harmful impacts on health and the environment. Therefore, it is vital to develop safe and efficient phosphate-free WRAs for further improving water-holding capacity (WHC) efficacy and edible safety, especially in meat products. In particular, sugar water retention agents (SWRAs) are increasingly popular because of their perfect safety, excellent WHC, and superior biological properties. This review discusses the inducements and mechanisms underlying water loss in meat products. In addition, we focused on the research progresses and related mechanisms of SWRAs in the WHC of meat products and its unique biological functions, as well as the extraction technology. Finally, the future application and development of SWRA were prospected.