Liquid metal takes into account the characteristics of both liquid and metal, and it is increasingly studied and applied in various fields of engineering. Gallium-based liquid metal is liquid at room temperature, with a high boiling point, high electrical conductivity, high thermal conductivity, safety, non-toxicity, and other excellent characteristics, and it has been widely used in many fields such as electricity, heat, mechanics, and biomedicine. At present, gallium-based liquid metals have become a frontier research hotspot. By comprehensively comparing the research status in China and abroad, the preparation methods and performance improvement measures of gallium-based liquid metals were introduced, and the physical and chemical properties of several typical gallium-based liquid metals were analyzed. The functional principles and research progress of gallium-based liquid metals in the fields of power equipment, flexible electronics, power storage, heat dissipation cooling, current-carrying friction, and extreme pressure lubrication were summarized, and its future research focus was put forward. Based on the characteristics of gallium-based liquid metals, their potential applications in material modification, new electronic devices, solar cells, rail transit, electromagnetic ejection, and other fields were analyzed and prospected.