The materials utilized as a part of aviation applications represent those with high performance, as the aviation industry is particularly materials driven. Continuous development and introduction of new materials in aerospace applications aims at weight reduction, increased fuel efficiency, enhanced performance, and reduced cost. Improvement of engineering materials for aerospace application influences both economic and environmental issues. This chapter on materials selection for aerospace components elucidates the evolution of advanced materials in aerospace industries, as observed through literature available, based on their specific properties and applications. The importance of material selection in aerospace industries, selection of materials based on their mechanical, thermal properties, and cost factors are also discussed. Material selection always involves many criteria; a few such important methods for material selection are also highlighted in this chapter. Recent developments in the field of composites influence aerospace applications, due to high strength-to-weight, thermal resistance, and wear resistance compared to conventional materials. In this chapter, the advantages and disadvantages of newly developed material for aerospace application are also discussed. © 2018 Elsevier Ltd. All rights reserved.