Aviation-grade aluminum alloy is one of the most important structural materials for aircraft body structure. It is the material basis for developing national defense industry, constructing a modern economic system, and strengthening the manufacturing sector of China. Aluminum alloys with high strength/toughness, high specific strength/modulus, and Sc addition have been developed in the recent decades. At present, research on next-generation alloy design, processing methods, and new alloy research and development paradigm have been drawing attention. The aviation-grade aluminum alloy industry in China has been developing rapidly. Especially in the increasingly complex international and domestic macro situation, development opportunities and challenges coexist. However, deficiencies are becoming increasingly apparent, such as lacking independent innovation capability to support the leadership of aviation-grade aluminum alloy materials, prominent risks of specific materials and equipment, lacking competitiveness in the international market, and the accumulation of test and application data. It is necessary to improve the competitiveness of aviation-grade aluminum alloy materials, develop new materials, cooperate with upstream and downstream research and development, promote the application of new materials, and establish material and application evaluation systems to improve the innovation and development of China’s aviation-grade aluminum alloy industry.