Degradable metals are decomposed into powders in an aqueous environment after completing the set function. With the progress of unconventional oil and gas field exploitation technology, the potential applications of degradable metals include but are not limited to fracturing balls, bridge plugs, ball seats, etc. Taking degradable aluminum alloy as an example, this paper summarizes the meaning of degradable, the degradation principle of aluminum, and the advantages of degradable aluminum in oil and gas field exploitation equipment. The mechanical properties, degradation properties, environmental compatibility and other requirements of downhole tools are summarized. The degradable aluminum alloy systems are introduced, such as Al-Ga-In-X, Al-Ga-Sn-X, andAl-Ga-In-Sn-X(X is Mg, Cu, Zn, Ti and other elements), etc. The factors affecting degradation performance such as temperature, medium and manufacturial technology are summarized. The application cases of degradable metals in oil and gas field exploitation equipment are introduced. The issues of industry-university-research-application cooperation and commercial standards that need to be solved at present are put forward, and the development direction in the future is forecasted.