This review provides a concise summary of the current state of thermal barrier coatings (TBCs), based on reviewing literature from the past few years and supplemented by personal insights. It synthesizes a collection of technical information regarding the role of TBCs, their application domains, structure, materials, coating processes and failure mechanisms. Despite their successful use in performant applications over the past decades, TBCs remain a focus for advanced industries such as aerospace, power generation, machine building and automotive. The materials used in TBCs are grouped by their chemical formulas and main constituents and the most common coating techniques are discussed. Key failure mechanisms like delamination, spallation, erosion and corrosion are examined. Future research directions include encouraging experimental testing, developing new materials and methods to reduce heat diffusion at the atomic level.