Combined-cycle engine is a potential propulsion system for hypersonic aircraft. To ensure long-term, normal operation of combined-cycle engine under the harsh environment of high thermal load, it is of great significance to study the thermal protection and management of the propulsion system. In this study, the objective and development status of thermal protection and thermal management systems for the combined-cycle propulsion system were described. The latest research progresses of thermal protection, thermal barrier coating, and thermal management system of the combined-cycle propulsion system were summarized. Moreover, the problems and shortcoming in current researches were summarized. In addition, a prospect for the future development of thermal protection and management of the combined-cycle propulsion system was presented, pointing out a direction of great value and vital research significance to thermal protection and management of the combined-cycle propulsion system.