The challenge of aerodynamic heating in hypersonic vehicles becomes more significant as they reach higher Mach numbers, which poses a major obstacle in aircraft design. The extreme thermal conditions experienced during high-speed flights require the implementation of active cooling technology for future thermal protection systems. Transpiration has gained significant attention among various active cooling methods due to its high cooling efficiency. This paper comprehensively reviews the latest advancements and key technical problems in transpiration cooling in the aerospace field, including the development of porous materials, transpiration flow mechanisms, and relevant numerical models and simulation methods. Additionally, it highlights important experimental research and typical applications of transpiration cooling. Finally, the current challenges and future research directions are analyzed to provide a reference for further studies.