Aluminium-lithium alloys hold promise of providing a breakthrough response to the crying need for lightweight alloys for use as structurals in aerospace applications. Considerable worldwide research has gone into developing a range of these alloys over the last three decades. As a result, substantial understanding has been developed of the microstructure-based micromechanisms of strengthening, of fatigue and fracture as well as of anisotropy in mechanical properties. However, these alloys have not yet greatly displaced the conventionally used denser Al alloys on account of their poorer ductility, fracture toughness and low cycle fatigue resistance. This review aims to summarise the work pertaining to study of structure and mechanical properties with a view to indicate the directions that have been and can be pursued to overcome property limitations.