Cellulose aerogels are considered to be potential multifunctional materials due to the characteristics of a wide range of sources, biocompatibility, and porous properties. However, pure cellulose aerogels are difficult to meet the needs of actual production due to limited functionalization. The preparation of cellulose aerogel composites by functional modification of cellulose is a profitable method to improve the properties of cellulose aerogels. The aim of this review is to highlight the latest trends and scientific achievements of cellulose aerogel composites. Cellulose aerogel composites are reviewed from two different aspects, including preparation methods and potential applications (such as water pollutant treatment, piezoresistive sensor, and thermal insulation). In addition, Because the mechanism and properties of materials will directly affect the applications, we also discussed the mechanism (such as electrostatic interaction, coordination, and physical entanglement) and properties (such as density, specific surface area, and mechanical strength) of cellulose aerogel composites, and looked forward to future work. We believe that this review will be helpful for the future development of cellulose aerogel composites.