As an ideal fuel for achieving net-zero carbon emissions and sustainable development in the aviation industry, the hydrogen fuel will bring disruptive technological changes and industrial restructuring to the industry, and developing hydrogen-based aviation power is an important measure to achieving the carbon peaking and carbon neutralization goals for the aviation industry. This study first summarizes the utilization forms of hydrogen-based aviation power through literature research, and concludes that the hydrogen fuel is applicable to aviation power considering the safety of hydrogen as well as the high-altitude performance, fuel consumption rate, and pollutant emissions of hydrogen aviation powerplants. Subsequently, the current development status of hydrogen-based aviation power in major countries and aircraft/engine manufacturers worldwide is reviewed. The practical engineering values of hydrogen-based aviation power are explored from the perspectives of environmental protection, performance improvement, quick-start in high-altitude and high-cold regions, and hypersonic flight. Moreover, the study presents the technical challenges faced by hydrogen-based aviation power development in terms of integrated aircraft–engine design, onboard storage of liquid hydrogen, precise hydrogen metering and control, thermal management, and stable low-emission combustion. Finally, it proposes the development goals of hydrogen-based aviation power toward 2028, 2035, and 2050, and provides development priorities and implementation paths from four aspects: standards system, hydrogen infrastructure in airports, key application technologies, and talent cultivation. Furthermore, the following recommendations are proposed: (1) strengthening the overall coordination by establishing a hydrogen aviation development alliance; (2) establishing and improving the standards system to promote the safe and efficient development of hydrogen aviation engines; and (3) developing key technologies and accelerating the construction of hydrogen-based aviation power platforms for civil use.