The growth in the aerospace and power generation industry is because of the fast development of materials. Materials have undergone significant advancements over the years to meet the demands of higher performance, efficiency, and durability. The integration of cutting-edge materials has allowed the production of lighter and more durable components, which are essential for achieving higher thrust-to-weight ratios in modern aircraft and power generation industries. Gas turbine engines have been widely used as power sources in various sectors like aerospace and energy generation. Their efficiency is directly related to material performance. In this study, we examine the advancements in materials and their techniques of processing that have been implemented in the production of essential components of gas turbine engines used for high-performance aircraft. The materials under consideration are superalloys and composites for different sections of the gas turbine engine. Advances and development of selected material are discussed in this paper. It is observed that ceramic matrix composites (CMCs) are emerging as viable alternatives to traditional superalloys, offering superior thermal resistance and weight reduction, which contribute to improved engine efficiency. Additionally, advancements in high entropy alloy and thermal barrier coatings (TBCs) enhance the durability of turbine components by mitigating oxidation, corrosion, and thermal degradation.