Al-Li alloys have attracted considerable attention in the key fields of aviation, aerospace, and navigation owing to their high specific strength and stiffness, good corrosion and fatigue resistance. Al-Li alloys have been studied and applied for decades in the United States, Russia and other countries. The researches and applications of Al-Li alloys in our China have also achieved great progress through a number of science and technology projects. However, there is still a certain gap between China and developed countries. Based on the development of Al-Li alloys at home and abroad, alloying techniques, aging precipitation behavior, the strengthening and toughening mechanism of Al-Li alloys are discussed. At the same time, the new processes and heat treatments of Al-Li alloys are summarized. At the end of this paper, the existing problems in the development and application of Al-Li alloys in China are put forward and the development direction of Al-Li alloy is prospected.