Providing the strong spin-orbital interaction, Bismuth is the key element in the family of three-dimensional topological insulators. At the same time, Bismuth itself also has very unusual behavior, existing from the thinnest unit to bulk crystals. Ultrathin Bi (111) bilayers have been theoretically proposed as a two-dimensional topological insulator. The related experimental realization achieved only recently, by growing Bi (111) ultrathin bilayers on topological insulator Bi2Te3 or Bi2Se3 substrates. In this review, we started from the growth mode of Bi (111) bilayers and reviewed our recent progress in the studies of the electronic structures and the one-dimensional topological edge states using scanning tunneling microscopy/spectroscopy (STM/STS), angle-resolved photoemission spectroscopy (ARPES), and first principles calculations.