The iterative wave-function reconstruction (IWFR) method developed by Allen et al. (2004) was reviewed with concern for its applicability. The high resolution transmission electron microscopy (HRTEM) studies of the materials such as GaAs, $YBa_2Cu_3O_7$ and $Al_2CuMg$ reported in the literature were utilized in this review. In this process the basis of validity, the limiting conditions and the information limit of this method were discussed. It was particularly noted that the phase contrast image of the exit plane wave evaluated from this method reveals not only $C_s$-corrected atomic resolution within information limit, but also strong tendency of contrast proportional to the magnitude of the atomic number of compositional atoms in a crystal.