Recent advances in aircraft materials and their manufacturing technologies have enabled progressive growth in innovative materials such as composites. Al-based, Mg-based, Ti-based alloys, ceramic-based, and polymer-based composites have been developed for the aerospace industry with outstanding properties. However, these materials still have some limitations such as insufficient mechanical properties, stress corrosion cracking, fretting wear, and corrosion. Subsequently, extensive studies have been conducted to develop aerospace materials that possess superior mechanical performance and are corrosion-resistant. Such materials can improve the performance as well as the life cycle cost. This review introduces the recent advancements in the development of composites for aircraft applications. Then it focuses on the studies conducted on composite materials developed for aircraft structures, followed by various fabrication techniques and then their applications in the aircraft industry. Finally, it summarizes the efforts made by the researchers so far and the challenges faced by them, followed by the future trends in aircraft materials.