Cast aluminum-lithium (Al-Li) alloy has the advantages of low density, high modulus, high specific strength and stiffness, and is suitable for the preparation of thin-walled components with complex structure, which is an ideal structural material for aerospace and defense industry. Based on the microstructural characteristics of cast Al-Li alloy, exploring the effective way to enhance the strength and toughness of the alloy can consolidate its advantageous position and expand its application scope in the field of lightweight. In this work, the development history of cast Al-Li alloys at home and abroad was firstly outlined, and the microstructural characteristics along with strengthening and toughening mechanism of cast Al-Li alloys were recapitulated. Then, the influence of alloying and heat treatment on the microstructure and mechanical properties of cast Al-Li alloys were systematically analyzed, and the main ways to improve the toughness of cast Al-Li alloys were summarized. Finally, for the actual engineering needs, the remaining scientific problems on the strengthening and toughening of cast AlLi alloys were discussed and the future research directions were prospected.