Bioaerogels labeled as “solid smoke” are third-generation advanced food materials. Due to their unique properties such as high surface area, low density, highly porous structure, and biodegradability, studies on bioaerogels have drawn widespread attention among researchers worldwide. The success of bioaerogels in the pharmaceutical industry has encouraged their potential as advanced materials suitable for food-related applications. Bioaerogels are being used as carrier matrices of various compounds and possess a huge potential in the micronutrient fortification of foods. The high mechanical stability, high thermal stability, and water holding capacity of bioaerogels are desired for the production of food packaging materials. However, bioaerogels as food materials are not commercialized and research on their direct application into food products should gain a foothold among the scientific community. In this review, state-of-art on the production of bioaerogels as food materials are discussed. The literature on various carbohydrate polymers that are used as precursors for the production of bioaerogels was emphasized. Further, their benevolent effects on micronutrient fortification and active packaging of foods are comprehended. • Bioaerogels are third generation advanced food materials. • Bioaerogels are derived from polysaccharides, proteins, and seed mucilages. • Bioaerogels are highly promising in micronutrient fortification of foods. • Bioaerogels are desired for the production of food packaging materials.