Lightweight is a substantial theme in the research and development of aerospace and aeronautical equipment due to its decisive impact on the comprehensive performance and operational efficiency of the equipment. Over the past decades, a handful of innovative optimization design approaches, emerging high-performance materials, and revolutionary manufacturing technologies have been uninterruptedly developed, and the level of lightweighting in aerospace and aeronautical equipment has been significantly advanced. However, the increasing demands for comprehensive performance and multifunctionality of the next generation of equipment present serious challenges to existing lightweight design and manufacturing technologies. Therefore, with a particular emphasis on the layout design, electromechanical system design, materials and structures, high-performance manufacturing and assembly, this paper analyzes the posed challenges and future perspectives.