Left handed material (LHM) has the electromagnetism characteristics of negative permittivity and negative permeability simultaneously, ferrite essentially has a negative permeability. Therefore ferrite-LHM can be designed negative permittivity material. Recently this research subject is well concerned, it is mainly applied in isolator, filter and phase shifters. It has widely application foreground in microwave systems. Basis theory and performance characteristics of ferrite-LHM are presented, and its application in microwave domain is discussed tentatively.