Internet of Things (IoT) is an increasingly popular technology that enables physical devices, vehicles, home appliances, etc., to communicate and even interoperate with one another. It has been widely used in industrial production and social applications including smart home, healthcare, and industrial automation. While bringing unprecedented convenience, accessibility, and efficiency, IoT has caused acute security and privacy threats in recent years. There are increasing research works to ease these threats, but many problems remain open. To better understand the essential reasons of new IoT threats and the challenges in current research, this survey first proposes the concept of “IoT features.” Then, we discuss the security and privacy effects of eight IoT features including the threats they cause, existing solutions to threats, and research challenges yet to be solved. To help researchers follow the up-to-date works in this field, this paper finally illustrates the developing trend of IoT security research and reveals how IoT features affect existing security research by investigating most existing research works related to IoT security from 2013 to 2017.