Abstract: Ti-V-Al alloys show the shape memory effect based on the thermo-elastic martensitic transformation between the β austenite phase and α martensite phase. Meanwhile, Ti-V-Al alloys not only exhibit the excellent hot and cold workability, but also possess the relatively lower density, which meet the needs of the lightweight manufacturing in the aerospace fields. In this paper, the important work and progress of Ti-V-Al lightweight shape memory alloys are summarized, especially the thermal cycling stability, mechanical properties and functional performances of Ti-V-Al lightweight shape memory alloys. Finally, the evolution law and mechanisms of functional performances in Ti-V-Al lightweight shape memory alloys are briefly introduced. At the same time, the future development of Ti-V-Al lightweight shape memory alloy is prospected.