The substantial computational demands of modern large-scale deep learning present significant challenges for efficient training and deployment. Recent research has revealed a widespread phenomenon wherein deep networks inherently learn low-rank structures in their weights and representations during training. This tutorial paper provides a comprehensive review of advances in identifying and exploiting these low-rank structures, bridging mathematical foundations with practical applications. We present two complementary theoretical perspectives on the emergence of low-rankness: viewing it through the optimization dynamics of gradient descent throughout training, and understanding it as a result of implicit regularization effects at convergence. Practically, these theoretical perspectives provide a foundation for understanding the success of techniques such as Low-Rank Adaptation (LoRA) in fine-tuning, inspire new parameter-efficient low-rank training strategies, and explain the effectiveness of masked training approaches like dropout and masked self-supervised learning.