Wireless communications have entered into a path towards Terabit era, to accommodate the increasing demands on fast wireless access, e.g. huge data file transferring and fast mobile data access. Terahertz (THz) technology is considered feasible to carry ultrafast data signals, as it offers up to a few THz bandwidths. This paper overviews the prospects of Tbit/s wireless data rate and their potential applications. Technically, this talk reviews the key technologies and challenges to achieve an ultrafast wireless system operating in the THz frequency band, from viewpoint of communication, in terms of ultrafast THz generation/THz detection and link power budget.