Aluminum–lithium alloy, being the lightest aluminum‐based alloy, holds significant potential for applications in the aerospace and military sectors. Currently, alloying treatment stands as a crucial method for enhancing the comprehensive performance of aluminum–lithium alloy. This article provides an overview of the production process of aluminum–lithium alloys, encompassing smelting and deformation processing characteristics. Additionally, it outlines the developmental history of the chemical composition for the primary grades of aluminum–lithium alloy, detailing the copper (Cu) and lithium (Li) content of the main alloying elements. And discusses the influence of various microalloying elements on the alloy's properties. Additionally, it summarizes the structure, properties, and precipitation morphology of the three primary strengthening phases formed by the alloying of aluminum–lithium alloys: T1 (), (), and (). The analysis also examines the impact of anisotropy on the mechanical properties of the primary dispersion. Finally, the article addresses the challenges involved in alloying aluminum–lithium alloys and proposes key research directions for element composition design.