As a kind of aeronautical material, aluminum-lithium alloys are favored for their high specific strength and high specific stiffness. In the engineering application like anti-fatigue design, the accurate understanding of the material performance is the foundation for the application of material. Compared with conventional aluminum alloys, aluminum-lithium alloys exhibit unique characteristics towards various aspects of performance, fatigue and fracture properties included. Significant differences can also be found in the performance of aluminum-lithium alloys developed at different times. This paper aims to review different properties of aluminum-lithium alloys by comparing the performance difference between aluminum-lithium alloys and conventional aluminum alloys, and comparing the performance difference among different aluminum-lithium alloys. Based on the analyses of development history, mechanical properties, fatigue limit and fatigue resistance, and fatigue crack growth resistance, some suggestions for material selection in structural design are given.