Functionally graded materials (FGMs) are currently the subject of great and ever-growing interest from industry and science, and are widely used due to their advantages. These advantages are due to their unique properties and, therefore, their many real and potential applications in various fields of industry, science and everyday life. In this literature review paper, we will briefly focus on some of the properties of FGMs and on some of the existing and expanding future applications of FGM in aerospace and related industries. A critical discussion is presented. Possible future expansion of work in this area is being considered.