It is difficult for traditional aluminum alloy manufacturing technology to meet the requirements of large-scale and high-precision complex shape structural parts. Wire Arc additive manufacturing technology (WAAM) is an innovative production method that presents the unique advantages of high material utilization, a large degree of design freedom, fast prototyping speed, and low cast. As a result, WAAM is suitable for near-net forming of large-scale complex industrial production and has a wide range of applications in aerospace, automobile manufacturing, and marine engineering fields. In order to serve as a reference for the further development of WAAM technology, this paper provides an overview of the current developments in WAAM both from the digital control system and processing parameters in summary of the recent research progress. This work firstly summarized the principle of simulation layering and path planning and discussed the influence of relative technological parameters, such as current, wire feeding speed, welding speed, shielding gas, and so on. It can be seen that both the welding current and wire feeding speed are directly proportional to the heat input while the travel speed is inversely proportional to the heat input. This process regulation is an important means to improve the quality of deposited parts. This paper then summarized various methods including heat input, alloy composition, and heat treatment. The results showed that in the process of WAAM, it is necessary to control the appropriate heat input to achieve minimum heat accumulation and improve the performance of the deposited parts. To obtain higher mechanical properties (tensile strength has been increased by 28%–45%), aluminum matrix composites by WAAM have proved to be an effective method. The corresponding proper heat treatment can also increase the tensile strength of WAAM Al alloy by 104.3%. In addition, mechanical properties are always assessed to evaluate the quality of deposited parts. The mechanical properties including the tensile strength, yield strength, and hardness of the deposited parts under different processing conditions have been summarized to provide a reference for the quality evaluation of the deposition. Examples of industrial products fabricated by WAAM are also introduced. Finally, the application status of WAAM aluminum alloy is summarized and the corresponding future research direction is prospected.