Physiological/behavioral/perceptual responses to an auditory stimulus can be inhibited by another leading auditory stimulus at certain stimulus intervals, and have been considered useful models of auditory gating processes. Two typical examples of auditory gating are prepulse inhibition of the startle reflex and the precedence effect (echo suppression). This review summarizes studies of these two auditory gating processes with regard to their biological significance, cognitive modulation, binaural properties, and underlying neural mechanisms. Both prepulse inhibition and the precedence effect have gating functions of reducing the disruptive influence of the lagging sound, but prepulse inhibition has a much longer temporal window than the precedence effect. Attentional processes can modulate prepulse inhibition, and the listener's previous experience can modulate the precedence effect. Compared to monaural hearing, binaural hearing reduces prepulse inhibition but enhances the precedence effect. The inferior colliculus, the major structure of the auditory midbrain, plays an important role in mediating these two auditory gating processes, and inhibitory neural transmissions within the inferior colliculus may account for binaural inhibition observed in prepulse inhibition and lag suppression recorded in the inferior colliculus. The neural mechanisms underlying binaural inhibition in the inferior colliculus are also discussed.