Perceiving the world from both egocentric (first-person) and exocentric (third-person) perspectives is fundamental to human cognition, enabling rich and complementary understanding of dynamic environments. In recent years, allowing the machines to leverage the synergistic potential of these dual perspectives has emerged as a compelling research direction in video understanding. In this survey, we provide a comprehensive review of video understanding from both exocentric and egocentric viewpoints. We begin by highlighting the practical applications of integrating egocentric and exocentric techniques, envisioning their potential collaboration across domains. We then identify key research tasks to realize these applications. Next, we systematically organize and review recent advancements into three main research directions: (1) leveraging egocentric data to enhance exocentric understanding, (2) utilizing exocentric data to improve egocentric analysis, and (3) joint learning frameworks that unify both perspectives. For each direction, we analyze a diverse set of tasks and relevant works. Additionally, we discuss benchmark datasets that support research in both perspectives, evaluating their scope, diversity, and applicability. Finally, we discuss limitations in current works and propose promising future research directions. By synthesizing insights from both perspectives, our goal is to inspire advancements in video understanding and artificial intelligence, bringing machines closer to perceiving the world in a human-like manner. A GitHub repo of related works can be found at https://github.com/ayiyayi/Awesome-Egocentric-and-Exocentric-Vision.