The main features and some very useful applications of the superconducting lossless resistor (LLR) in electric power systems are introduced in this paper. According our opinion, there are two different kinds of LLR, i.e., the time-variant LLR (Tv-LLR) and the time-invariant LLR (Ti-LLR). First, Tv-LLR is well suited for developing new type of the fault-current limiter (FCL) since it has no heat energy dissipated from its superconducting element during current-limiting process. Second, it may be used to produce the high voltage circuit breaker with current limiting ability. While Ti-LLR may be used to manufacture a new type of the superconducting transformer, with compact volume, lightweight and with continuously regulated turn-ratio (so it familiarized as time-variable transformer, TVT).