Rare-earth elements (REEs) received special attention and widespread application because of their extremely active chemical property. Many researches demonstrated that doping of REEs (Y, La and Ce) in superalloys can significantly improve the high temperature oxidation resistance, corrosion resistance and mechanical properties, which are recognized as a promising route to broaden the manufacturing process window and enhance the overall performance of next-generation superalloys. The first part of this review described the special behavior of REEs during the metallurgical solidification process, including the REEs loss in the melt and the macro-segregation phenomenon. The second part summarized a broad spectrum of works reporting the dual role of REEs addition on the mechanical properties of superalloys. The third part overviewed the effect of REEs on the anti-oxidation resistance of the fourth and fifth nickel-based superalloys. Finally, the prospect of development of REEs-containing superalloys was discussed.