As Micro-CT technology continues to refine its characterization of material microstructures, industrial CT ultra-precision inspection is generating increasingly large datasets, necessitating solutions to the trade-off between accuracy and efficiency in the 3D characterization of defects during ultra-precise detection. This article provides a unique perspective on recent advances in accurate and efficient 3D visualization using Micro-CT, tracing its evolution from medical imaging to industrial non-destructive testing (NDT). Among the numerous CT reconstruction and volume rendering methods, this article selectively reviews and analyzes approaches that balance accuracy and efficiency, offering a comprehensive analysis to help researchers quickly grasp highly efficient and accurate 3D reconstruction methods for microscopic features. By comparing the principles of computed tomography with advancements in microstructural technology, this article examines the evolution of CT reconstruction algorithms from analytical methods to deep learning techniques, as well as improvements in volume rendering algorithms, acceleration, and data reduction. Additionally, it explores advanced lighting models for high-accuracy, photorealistic, and efficient volume rendering. Furthermore, this article envisions potential directions in CT reconstruction and volume rendering. It aims to guide future research in quickly selecting efficient and precise methods and developing new ideas and approaches for real-time online monitoring of internal material defects through virtual-physical interaction, for applying digital twin model to structural health monitoring (SHM).