Friction pendulum bearings (FPBs) have emerged as critical structural isolation devices in the field of earthquake engineering. Extensive research and development efforts have led to the exploration and refinement of these bearings, resulting in the creation of various models with unique structural configurations and superior mechanical properties. This paper offers an in-depth review of the friction materials employed in FPBs, alongside an analysis of the mechanical performance and advancements in research regarding single-pendulum, double-pendulum, multiple-pendulum, and other types of friction bearings. Characterized by their low sensitivity and high stability, these bearings are adept at resisting seismic forces, thus providing dependable isolation protection for structures. This review also includes a succinct examination of the seismic performance and engineering applications of these isolation structures. With robust self-centering capabilities, excellent isolation, and energy dissipation mechanisms, FPBs are capable of quickly resuming normal operations post-seismic events. This reduces structural damage and maintenance expenses, significantly improving the seismic resilience of structures. Moreover, the paper outlines the current challenges in the research and development of FPBs and suggests future research directions, including optimizing friction materials, enhancing the design and performance of isolation structures, and improving the seismic performance and engineering application efficiency of FPBs. By identifying underexplored areas and synthesizing findings differently, this review provides a comprehensive and novel perspective that advances the field of earthquake engineering.