This paper presents the latest progress on cloud RAN (C-RAN) in the areas of centralization and virtualization. A C-RAN system centralizes the baseband processing resources into a pool and virtualizes soft base-band units on demand. The major challenges for C-RAN including front-haul and virtualization are analyzed with potential solutions proposed. Extensive field trials verify the viability of various front-haul solutions, including common public radio interface compression, single fiber bidirection and wavelength-division multiplexing. In addition, C-RANs facilitation of coordinated multipoint (CoMP) implementation is demonstrated with 50%-100% uplink CoMP gain observed in field trials. Finally, a test bed is established based on general purpose platform with assisted accelerators. It is demonstrated that this test bed can support multi-RAT, i.e., Time-Division Duplexing Long Term Evolution, Frequency-Division Duplexing Long Term Evolution, and Global System for Mobile Communications efficiently and presents similar performance to traditional systems.