Heterogeneous III-V silicon (Si) photonic integration is considered one of the key methods for realizing power- and cost-effective optical interconnections, which are highly desired for future high-performance computers and datacenters. We review the recent progress in heterogeneous III-V/Si photonic integration, including transceiving devices and components. We also describe the progress in the on-wafer characterization of photonic integration circuits, especially on the heterogeneous III-V/Si platform.