Virtual Reality (VR) technologies have the potential to be applied in a clinical context to improve training and rehabilitation for individuals with hearing impairment. The introduction of such technologies in clinical audiology is in its infancy and requires devices that can be taken out of laboratory settings as well as a solid collaboration between researchers and clinicians. In this paper, we discuss the state of the art of VR in audiology with applications to measurement and monitoring of hearing loss, rehabilitation, and training, as well as the development of assistive technologies. We review papers that utilize VR delivered through a head-mounted display (HMD) and used individuals with hearing impairment as test subjects, or presented solutions targeted at individuals with hearing impairments, discussing their goals and results, and analyzing how VR can be a useful tool in hearing research. The review shows the potential of VR in testing and training individuals with hearing impairment, as well as the need for more research and applications in this domain.