Lightweight high entropy alloys (LWHEAs), characterized by their low density, exceptional mechanical properties, and superior corrosion resistance, have gained significant attention in materials science. These alloys exhibit promising potential for applications in cutting-edge fields such as aerospace, automotive manufacturing, and energy storage. This paper provides a comprehensive review of recent advancements in LWHEAs research, with a focus on density-based classification methods, distinctive crystal structures, mechanical performance at ambient and elevated temperatures, complex deformation mechanisms, and excellent oxidation resistance. Additionally, the paper explores the diverse applications of LWHEAs in structural, functional, and energy-related materials. Key challenges in current research are highlighted, particularly concerning composition design and performance stability. Finally, the paper outlines future research directions, emphasizing the integration of theoretical modeling, experimental studies, and practical applications to drive technological innovation and facilitate the widespread engineering applications of LWHEAs.