With the development of More/All-Electric Aircraft, especially the progress of hybrid electrical propulsion or electrical propulsion aircraft, the problem of optimizing the energy system design and operation of the aircraft must be solved regarding the increasing electrical power demand-limited thermal sink capability. The paper overviews the state of the art in architecture optimization and an energy management system for the aircraft power system. The basic design method for power system architecture optimization in aircraft is reviewed from the multi-energy form in this paper. Renewable energy, such as the photo-voltaic battery and the fuel cell, is integrated into the electrical power system onboard which can also make the problem of optimal energy distribution in the aircraft complex because of the uncertainty and power response speed. The basic idea and research progress for the optimization, evaluation technology, and dynamic management control methods of the aircraft power system are analyzed and presented in this paper. The trend in optimization methods of engineering design for the energy system architecture in aircraft was summarized and derived from the multiple objective optimizations within the constraint conditions, such as weight, reliability, safety, efficiency, and characteristics of renewable energy. The cost function, based on the energy efficiency and power quality, was commented on and discussed according to different power flow relationships in the aircraft. The dynamic control strategies of different microgrid architectures in aircraft are compared with other methods in the review paper. Some integrated energy management optimization strategies or methods for electrical propulsion aircraft and more electric aircraft were reviewed. The mathematical consideration and expression of the energy optimization technologies of aircraft were analyzed and compared with some features and solution methods. The thermal and electric energy coupling relationship research field is discussed with the power quality and stability of the aircraft power system with some reference papers. Finally, the future energy interaction optimization problem between the airport microgrid and electric propulsion aircraft power system was also discussed and predicted in this review paper. Based on the state of the art technology development for EMS and architecture optimization, this paper intends to present the industry’s common sense and future trends on aircraft power system electrification and proposes an EMS+TMS+PHM to follow in the electrified aircraft propulsion system architecture selection