Lighter-than-air (LTA) vehicles, including airships and aerostats, are experiencing a revival due to advancements in materials technology. This paper explores these advancements, highlighting the transition from traditional materials like rubberized cotton fabrics and polyester films to modern high-strength fabrics, composite materials, and nanomaterials. The paper discusses how these advancements address critical challenges like gas retention, weather resistance, and flexibility. Additionally, it explores innovations in envelope materials for thermal insulation and heat management. Advancements in gas management systems, including improved gas cells and smart materials, are also addressed. The paper concludes by showcasing applications in military and surveillance, commercial and civil uses, and environmental monitoring. Finally, it discusses remaining challenges concerning cost, scalability, and sustainability, while highlighting promising research trends in recyclable materials, self-healing materials, and electric propulsion systems. Overall, this paper emphasizes how material advancements are propelling a new era for LTA technology.