The aerospace engineering field is witnessing an evolution towards lightweight materials driven by the unwavering pursuit of improved performance and efficiency. Lightweight materials play a critical role in aerospace structures, and this thorough examination explores their significant influence on mission success, design, and fuel efficiency. Key developments in several material categories such as composites, metals, and polymers are methodically examined in this study, revealing their special qualities and potential uses. The historical viewpoint lays out a chronology of the development of materials, charting significant turning points that have influenced the use of lightweight materials in aerospace. The following sections delve into each lightweight material in great detail, explaining composites, alloys (including titanium, aluminium, and high-strength steel), and sophisticated polymers, along with their features, production methods, and uses. An examination of particular varieties and production nuances in the context of aerospace composite materials highlights their benefits in achieving unmatched strength-to-weight ratios. By elucidating their qualities and expanding uses in aircraft constructions, advanced metallic alloy research reveals the most recent advancements in materials like titanium and aluminium. A thorough examination of polymeric materials and nanocomposites reveals their critical role in the creation of lightweight structures. Their distinctive qualities and new uses are emphasized, highlighting their role in the ongoing revolution in aeronautical design. With a comprehensive examination of additive manufacturing and sophisticated machining methods essential to the realization of lightweight aircraft structures, innovative manufacturing technologies take center stage. Additionally, the assessment thoroughly evaluates the longevity and structural integrity of lightweight materials, addressing issues related to corrosion, fatigue, and other crucial elements. Investigations from actual applications provide concrete instances of lightweight materials being successfully used in aerospace projects, shedding light on the materials' performance and tangible advantages in various situations. Looking ahead, the paper's conclusion forecasts forthcoming developments in lightweight materials and clarifies possible obstacles and future research avenues that may influence the course of aerospace engineering. To underscore the critical role that lightweight materials play in aeronautical constructions, this paper synthesizes a variety of knowledge. It highlights the revolutionary potential of lightweight materials in influencing the future of aeronautical engineering, not only synthesizing current knowledge but also laying out a path for further study and innovation.