The unique features of silica aerogel, such as its high specific surface area, low density (95% air), hydrophobicity, low thermal conductivity, and optical transparency, have attracted considerable attention from the scientific and technical communities. Silica aerogels are produced utilizing "sol-gel" technology, a reliable method that includes precursor preparation, aging, and drying. Due to its remarkable overall properties, silica aerogel has several potential applications in advanced technology and various other fields, such as thermal insulation, sound absorption, adsorption, flame retardation, sensing, and catalysis. This review primarily focuses on the manufacture and utilization of silica aerogel. The initial focus was on analyzing the progression of preparation procedures, followed by an exploration and evaluation of the current prevalent ways of preparation. Subsequently, an analysis is conducted to explore the potential of silica aerogel in various application areas, taking into account its distinctive characteristics. Finally, a comprehensive analysis of the future development path of silica aerogel is provided, along with some suggestions for enhancing the manufacturing process.